Record sales for housebuilder

Scotland-focused housebuilder Springfield Properties has seen annual pre-tax profits jump by nearly a third as its revenues exceeded £100 million for the first time.

The company, which offers private and affordable housing, said revenue in the 12 months to 31 May showed a 22 per cent year-on-year jump to £111m, while pre-tax profit was up 31 per cent to £6.7m.

Additionally, during the year its 4,000th home was built, marking a “significant milestone”.

In terms of private housing, the firm built 437 homes in the year, a year-on-year increase of 10 per cent, adding that the strategic focus remains developing and building five Springfield Villages with a collective 10,000 homes.

Springfield said regarding Dykes of Gray near Dundee that 48 homes were sold during the year, bringing total completions to 56 out of a potential 1,500. Additionally, it noted that the first of a possible800homesatwisp,edinburgh, are under construction, while land was secured for a fifth village at Durieshill near Stirling to provide 2,500 to 3,000 homes.

On the affordable housing side, 183 properties were built, a year-on-year increase of 91 per cent, and regarding the project for 202 social and mid-market rental homes at Muirhouse, Edinburgh, a further 32 were handed over in the year.

Executive chairman Sandy Adam said: “I am pleased to report another year of strong growth, reaching the milestone of £100m revenue for the first time in our history. Our target is to double turnover in affordable housing over the next two years. Significant progress was made in developing the five Springfield Villages and these will be the cornerstone of our future growth.”