Housebuilder grows total order book to ‘record’ level

SPRINGFIELD Properties has hailed a ‘strong’ period for the business after releasing its interim financial results for the six month period ending 30 November 2021.

The housebuilder reported a revenue of £87.3 million for the period, compared to £94.4 million from the same timeframe the previous year, when results were reflective of additional sales from completions rolled over due to the Covid-19 pandemic.

£47.3 million of revenue is from private housing, with £31.7 million arising from affordable housing revenue. £7.5 million is from contract housing.

Pre-tax profit for the half-year is £6.2 million, compared with £8.6 million in 2021.

Springfield reported ‘excellent’ build and sales activity across the business, with demand sustained with growth in total order book.

Innes Smith, CEO of Springfield Properties, said, “This was a strong period for Springfield. We continued to experience high demand across the business and our total order book grew to a record level. We maintained excellent build activity, setting us up for an outstanding second half of the year – with handovers starting on eight new private sites since period end.

“I am pleased at how we effectively managed the material and supply chain pressures facing our industry, and that we were able to maintain impressive levels of customer satisfaction. Sustainability continued to be a focus. We’re proud that we already deliver over 90% of our homes off-site from timber kits, and we will be setting benchmarks for further measures across operations in our ESG strategy later this year.

“We entered the second half on track for strong growth for FY 2022 in line with market expectations. This confidence is based on homes completed, reserved and missived, and our highest ever revenue in affordable housing, giving us significant visibility over our revenue forecasts.

“Our position was further strengthened, post period, with the acquisition of Tulloch Homes. This enhances our foothold in the Highlands, an area of strategic importance, and will accelerate our growth, being earnings enhancing from the current year. Supported by long-term market drivers and with demand continuing to outstrip supply, the board continues to look to the future with great confidence and to delivering sustainable value for all of our stakeholders.”