Springfield Properties has recorded record revenue in its full year results for the year ended 31 May 2017.

The company posted turnover at £111 million, an increase of 22% from £90.8m in 2015/16.

In addition, before tax increased by 31% to £6.7m (2015/16: £5.1m) while housing completions rose by 25% with 620 new homes handed over.

Throughout the year, the company delivered 437 private homes, a year-on-year increase of 10%. Other highlights include;

• New homes, amenities and community areas completed in Dykes of Gray near Dundee with 48 homes sold during the year, bringing total completions to 56 out of a potential 1,500.

• First of 800 potential homes at Wisp, Edinburgh are under construction

• At Bertha Park in Perth, a site for 3,000 homes, progress made on construction of access road, with sales and construction due to commence in the next financial year

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• Elgin South Village will deliver 2,500 homes to the area. Post-period, plans for the first 870 new homes, two new schools and modern Moray Sports Centre approved by Moray Council Planning Committee

• Land secured for fifth village at Durieshill near Stirling to provide between 2,500 and 3,000 homes.

In the 'affordable' housing sector, the company delivered 183 units throughout the year. Accounting for over 4% of market share of all 'affordable' homes built in Scotland, Springfield also delivered 202 social and mid-market rental homes project at Muirhouse, Edinburgh, while a further 32 homes were handed over during the year. Overall, the housebuilder is on target to complete the remaining 48 homes in 2018.

Sandy Adam, Executive Chairman of Springfield Properties, said: "I am pleased to report another year of strong growth, reaching the milestone of £100m revenue for the first time in our history. This has largely been due to the tremendous work carried out by each and every one of our 500 staff who have built high-quality and desirable affordable and private homes. We are also proud to have reached the key milestone of building our 4,000th home during the year.

"Looking ahead, we continue to drive controlled expansion, particularly with the affordable side of our business. 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 as we seek to deliver increasing numbers of homes."

(LM/MH)