SPRINGFIELD Properties has hailed an ‘excellent’ year for the business, despite reporting a 13.2% drop in revenue to £243.7 million for the year ended 31 May 2026. Pre-tax profit is down 37.4% to £11.9 million.
The figures are impacted by the ‘exceptional’ comparative period in 2025 that benefited from significant land sales undertaken as part of the group’s debt reduction strategy.
Private and affordable housing revenue rose by 5.9% and 9.9%, respectively. The housebuilder eliminated net bank debt during the period and said it intends to commence a share buyback programme as an effective means to create value for shareholders.
Operational highlights for the year included an initial agreement that was signed to deliver almost 300 homes across six sites in the north of Scotland to a major energy infrastructure provider to accommodate workers involved in the upgrade of the national electricity transmission grid.
There were 735 total completions over the year (2025: 799) and the business currently boasts a large land bank of 6,797 owned and contracted plots, 60% of which have planning permission, and 6,211 strategic plots.
Innes Smith, CEO of Springfield Properties, said, “This has been an excellent year for Springfield. We achieved a key strategic priority of eliminating our net bank debt, which was significantly ahead of market expectations. Our underlying business remained resilient, with year-on-year growth in both private and affordable housing.
“We made significant progress in capitalising on the substantial opportunities in the north of Scotland, which are being driven by the incoming energy security infrastructure and renewable development. Building on our initial agreement to deliver almost 300 homes across six sites for a major infrastructure provider, we have been engaging with our partner as well as progressing works, and we will be signing the main contract for the first site imminently.
“Looking to the current year, our private housing reservation rate has been steady and we have continued to secure new contracts on favourable terms in affordable housing. Our significantly strengthened balance sheet has enabled us both to increase our dividend and launch a share buyback programme.
“We are disappointed that the market continues to undervalue housebuilders, with Springfield’s share price remaining materially disconnected from our view of the underlying value of the business, reflecting neither the strength of our balance sheet, the quality of our land holdings or the opportunities available to us in the north of Scotland. We therefore see the buyback as a compelling opportunity to create value for shareholders while demonstrating the board’s confidence in Springfield’s future prospects. With strong operational momentum and significant opportunities ahead, we look to the future with confidence.”
