A Moray-based housebuilder has posted record revenue of £111million for the first time in the firm’s history.
Springfield Properties reported an annual 22% increase for the year to the end of May.
The company’s pre-tax profit also rose by 31% to £6.7million up from £5.1million in 2015/16.
Last night Sandy Adam, executive chairman of Springfield Properties, said it was the firm’s aim to double turnover in affordable housing in the next two years.
He said: “I am pleased to report another year of strong growth, reaching the milestone of £100million 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.”
The company said its operational highlights included increased completions, with 620 new homes handed over. Springfield Properties also built 437 homes during the year, an annual increase of 10%.
In June the housebuilder was given the go-ahead to construct 900 new houses in Elgin which was hailed as a catalyst for driving further investment in the area.
The development in the south of the town could eventually lead to 2,500 houses being built.