Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Springfield off to flying start as public company

Springfield off to flying start as public company
Springfield off to flying start as public company

Shares in Springfield Properties surged after maiden first-half results from the Elgin-based housebuilder showed a large jump in profits and sales.

The firm’s first set of figures since a flotation on the London Stock Exchange’s Alternative Investment Market last October cheered City investors.

Improved profit and revenue expectations for the full year also boosted the shares, which rose by more than 5% to 116.5p.

Sandy Adam, Springfield’s executive chairman, said the company had started the second half of its trading year with a strong order book, adding “sustained market drivers”, including supportive Scottish Government policy, augured well for the firm’s first year as a quoted business.

Mr Adam said: “We have increased 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.”

Stripping out flotation-related costs of £300,000, pre-tax profits grew by nearly 20% to £3.1million, from £2.6million a year earlier, during the six months to November 30. Revenue in the latest period was up by more than 10%, at £54.8million.

Full-year profits and revenue are expected to come in 5%-10% ahead of previous market estimates.

Broker N+1 Singer lifted its forecast for underlying profits and revenue by 5.7% to £9.6million and by 9.1% to £132.4million respectively, saying the results reflected a strong start to Springfield’s life as a public company.

N+1 Singer analysts James Tetley and Greg Poulton said: “Springfield’s maiden interims confirm a positive H1 trading period and good progress across both the private and affordable housing divisions.

“The outlook statement strikes a confident tone, reflecting the improved visibility that is a feature of the Scottish housing model.”

Springfield, whose current developments include projects in towns along the Moray Firth coast, as well as Tayside, Perthshire and the central belt, built 280 new homes during the six months to November 30, up from 264 a year earlier.

The flotation valued the business at £87million and was part of plans to ramp up construction to 1,000 new homes annually.