Springfield Properties has reported strong profit growth in its interim results for the six-month period ended 30 November 2017.

In its first set of results since the company floated on the AIM in October last year, the Scottish housebuilder revealed operating profit has risen 16.9% to £3.6 million compared with £3.1 million in 2016/17. In addition, revenue increased 10.5% to £54.8m (2016/17; £49.6m).

Sales across both the company's 'Affordable' and Private Housing also grew during the first half of the year, with completions rising 6% to 280 new homes (2016/17; 264).

In Private Housing, sales rose by 6% to £43m (2016/17; £40.7m) with completions slightly down to 184 homes for the period (2016/17: £196). However, 'Affordable' sales rose by 40% to £11.7m (2016/17: £8.4m) with completions rising to 96 homes (2016/17; 68).

Construction is also underway on the 3,000-home Bertha Park development in Perth, with the first phase of houses being released for sale. In addition, planning approval has been secured (subject to Section 75 agreement) for 870 new homes to be built at Elgin South in Elgin, while plans have also been submitted for a new 3,000-home site at Durieshill, Stirling.

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Springfield also revealed it is working on 'affordable' housing proposals worth a total of £70m - £80m to be delivered over the next one to three years.

Sandy Adam, Executive Chairman of Springfield Properties, said the company is anticipating revenue and profit for full year 2017/18 to be "5 – 10% ahead of market expectations".

"I am delighted to be announcing our first set of interim results as a quoted company and reporting another period of strong growth for Springfield," he said.

"We have increased our revenue from existing sites in both our Private Housing and Affordable divisions while progressing the development of our pipeline of projects.

"In particular, we have invested in the development of our new Villages that will accelerate our building of new homes, private and affordable, in new communities across Scotland. We now employ over 500 people and I would like to thank them for their continued support and hard work during this period where we have transitioned to becoming a public company and are about to deliver our 5,000th home since we started the Company.

"Looking ahead, we have entered the second half of our financial year with a strong order book of contracted revenues and, together with sustained market drivers including a supportive Scottish Government policy, Springfield is poised to play a significant part in the delivery of the many new private and affordable homes needed across Scotland."

Image: Plans for 3,000 home Village at Durieshill, Stirling.

(LM)