HOUSEBUILDER Springfield Properties has confirmed in a trading update that the business expects revenue and profit to be ahead of market expectations.
The firm said the ‘strong build and sales activity’ in the first half of the year has been sustained throughout the year, with ‘excellent’ sales in particular of private homes boasting spacious facilities with gardens, greenspace and local amenities within walking distance.
At the end of the year, Springfield sold land of approximately 200 plots across two of its large developments in Scotland’s central belt to two national housebuilders. The company said these sales reflect a ‘continued focus on realising value from its large, high-quality land bank and strengthening the group’s balance sheet through cash generation’.
As a result, Springfield expects to report revenue and profit for the full year 2020/21 to be ‘significantly ahead’ of market expectations. The group said it has also continued to ‘substantially reduce’ net debt throughout the year.
A further update for the year ended 31 May 2021 will be provided in July.