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SPR Springfield Properties Plc

95.00
-3.50 (-3.55%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Springfield Properties Plc LSE:SPR London Ordinary Share GB00BF1QPG26 ORD 0.125P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50 -3.55% 95.00 93.00 97.00 98.50 95.00 98.50 147,494 11:00:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Operative Builders 332.13M 12.07M 0.1018 9.33 112.69M

Springfield Properties PLC Trading Update (6058K)

17/12/2018 7:00am

UK Regulatory


Springfield Properties (LSE:SPR)
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TIDMSPR

RNS Number : 6058K

Springfield Properties PLC

17 December 2018

17 December 2018

Springfield Properties plc

("Springfield" or the "Group")

Trading Update

Springfield Properties (AIM: SPR), a leading housebuilder in Scotland offering private and affordable housing, is pleased to provide the following update on trading for the six-month period ended 30 November 2018 ahead of announcing its interim results in February 2019.

As stated, at the time of the full year results, on 18 September 2018, Springfield entered the new financial year with a strong and established pipeline and was experiencing sustained demand underpinned by the continued requirement for more homes in Scotland for private individuals and across all tenures in the affordable and social housing sector. During the first six months, this demand supported good progress with completions and revenue in the Group's private housing and affordable divisions increasing compared with H1 2017/18, with private housing continuing to account for a majority of total revenue. Springfield also progressed the development of existing sites, receiving planning consent on two private housing sites and two affordable sites, and continued to advance the development of the villages.

The acquisition of Dawn Homes at the end of the previous financial year significantly expanded the Group's land bank in size and into a new region - West of Scotland - as well as providing an established supply chain. In the first six months, Dawn Homes has performed strongly, continuing to grow in line with management's expectations.

Springfield continues to evaluate opportunities to acquire land that the Group considers attractive and complementary to its existing land bank. Most notably, as announced on 30 July 2018, the Group secured approximately 400 acres of zoned land in West Lothian, Scotland, to develop a 1,900-home site.

Overall, the Group expects to report revenue and profit growth for the first half of 2018/19 in line with management's expectations and intends to declare an interim dividend for the period.

Demand for housing continues to outstrip supply and there is ongoing support from the Scottish government for developing affordable housing. As a result, the Board is confident of delivering strong growth for full year 2018/19 in line with management expectations.

The Group will provide further details at the time of its interim results announcement.

Innes Smith, Chief Executive Officer of Springfield, said: "We are pleased to report sustained revenue growth across all of our business units and good progress with existing sites as well as securing new sites. Our Dawn Homes acquisition has proved very successful and the business is performing strongly. None of this would have been possible without the skill and hard work of our employees for which we thank them, and we are pleased that our initiatives for employee engagement were recently recognised at the ProShare Awards, where we received the Best New Share Plan award. As a result, with an able team, a solid pipeline and sustained demand for housing in Scotland, we look to the future with confidence."

Enquiries

 
 Springfield Properties 
 Sandy Adam, Executive Chairman 
  Innes Smith, Chief Executive Officer    +44 1343 552550 
                                         ----------------- 
 
 N+1 Singer 
                                         ----------------- 
 Shaun Dobson, James Moat (Corporate 
  Finance) 
  Rachel Hayes (Corporate Broking)        +44 20 7496 3000 
                                         ----------------- 
 
 Luther Pendragon 
                                         ----------------- 
 Harry Chathli, Claire Norbury, Alexis 
  Gore                                    +44 20 7618 9100 
                                         ----------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

December 17, 2018 02:00 ET (07:00 GMT)

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