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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Springfield Properties Plc | SPR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -1.03% | 96.50 | 16:00:49 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 97.50 | 96.50 | 97.50 | 96.50 | 97.50 |
| Industry Sector |
|---|
| HOUSEHOLD GOODS & HOME CONSTRUCTION |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 20/09/2022 | Final | GBP | 0.047 | 03/11/2022 | 04/11/2022 | 16/12/2022 |
| 22/02/2022 | Interim | GBP | 0.015 | 10/03/2022 | 11/03/2022 | 31/03/2022 |
| 14/09/2021 | Final | GBP | 0.0445 | 04/11/2021 | 05/11/2021 | 09/12/2021 |
| 23/02/2021 | Interim | GBP | 0.013 | 04/03/2021 | 05/03/2021 | 25/03/2021 |
| 29/09/2020 | Final | GBP | 0.02 | 12/11/2020 | 13/11/2020 | 10/12/2020 |
| 17/09/2019 | Final | GBP | 0.032 | 31/10/2019 | 01/11/2019 | 18/11/2019 |
| Top Posts |
|---|
Posted at 23/12/2023 12:25 by davebowler htTPs://www.stockome |
Posted at 20/12/2023 10:46 by 1ups1de Still a steal @under£1. Improving 24 macros ( interest rates / inflation); sensible debt reduction programme rather than dividend;significant housing supply constraints; substantial land bank undervalued. |
Posted at 13/12/2023 08:25 by swiss paul Steady as she goes albeit with £93 mill of debt - ouchTrading Update Trading in line with management expectations - on track to meet debt reduction target Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland focused on delivering private andaffordable housing, provides the following update on trading for the six months ended 30 November 2023. · Trading in H1 2024 has been in line with management expectations oDemand in private housing remained stable but subdued oRecommenced signing new affordable-only housing contracts, with c. £24.0m of new contracts entered into · Two profitable land sales agreed in H1 2024 for a total of £9.3m with funds to be received by the end of the financial year, and confident of signing other agreements in the near term · Net bank debt at 30 November 2023 of c. £94.0m (not including the c. £8.8m outstanding proceeds from recent land sales) and on track to meet target of reducing net bank debt to c. £55.0m by 31 May 2024 (31 May 2023: £61.8m) · Build cost inflation continues to reduce - expected to be c. 4% for H1 2024 - and there is greater availability of materials and labour |
Posted at 27/10/2023 09:25 by gn100 Hi CJohn - What I said above is pretty well the summary of the IC article. From my position I am a holder of several UK HBs and SPR. Like any other long-term holder I am underwater on all of them but I will not be selling as I fully understand the cyclic nature of these Cos but SPR is definitely the weakest because of it's balance sheet. However they are taking the right steps to rectify this among them the non-payment of a divi which demonstrates their resolve in this matter.Regarding the timing of their land purchases - hindsight is a wonderful thing, as I often find out with my share purchases. I will not be selling (unless the story seriously changes). One can always take a little comfort with the knowledge that the UK is a small landmass with a green belt policy and an increasing population. In the long term they have to be housed somewhere, plus the already mentioned need of politicians to buy votes. |
Posted at 26/10/2023 14:21 by gn100 An article in yesterday's IC. For those who can't access it, the summary is that the large ones will recover in time but there is worse to come. They place great store on most of the large UK HBs as having plenty of cash and strong balance sheets which will protect them from disaster but yields may well get cut. SPR balance sheet, as they have fully admitted, is over-indebted although I take the point that they are looking to reduce.Another unknown is what house purchase incentives Govs may use pre election to try to buy votes. GN |
Posted at 26/10/2023 13:16 by cjohn I bought my first tranche of shares on 5th October, and another recently.My opinion hasn't changed. Debt is too high as the Company itself accepts. And is taking steps to reduce it. There is more risk involved with this Company than with some other housebuilders. I also hold another couple of housebuilders one in UK, one in Spain. I have larger holdings in those companies as risk is less. But I regard SPR as having an attractive risk/reward ratio. |
Posted at 05/10/2023 15:44 by cjohn aldriglikvid 6 Sep '23 - 10:38 - 266 of 279,"Debt is optically high because it's not bank debt in that sense, but recourse to a seller over 5 years (and based on actual sold plots, and can be deterred)." Unfortunately, this is a misunderstanding, aldrigilkvid. The latest balance sheet has £70.6m of bank debt AND total deferred consideration of £35m. You should take a look at the detailed information on possible downside scenarios in the Going Concern section of the annual report. They have increased their bank facilities, because in a plausible scenario, their peak debt levels would go above £100m and they'd breach their previous headroom. This of course accounts for the stopping of the dividend and the emphasis in recent updates on getting debt down. My feeling is that they have done one too many acquisitions. And as a result, there's undoubtedly more risk associated with this housebuilder than many others. |
Posted at 20/9/2023 20:21 by scotches Scottish housebuilder Springfield Properties lost 10% of its stock market worth today after it suspended dividend payments and warned it does not expect to see “any material improvement in homebuyer confidence” before spring next year.The Elgin-based company has embarked on a strategy to slash debt amid significantly lower levels of reservations in private housing, as it cited the impact of high interest rates, mortgage affordability and reduced confidence among the house-buying public. It told the City that it had suspended dividend payments until its bank debt is “materially reduced” and unveiled a range of measures aimed to reduce net debt to around £55 million by May 31, 2024. The company's net debt had spiralled to £67.7m by May 31 this year from £38.1m the year before. Springfield outlined the difficulties it is facing in the short-term as the housing market continues to come under pressure from the recent surge in interest rates. The base rate currently stands at 5.25% following 14 consecutive rises by the Bank of England's Montetary Policy Committee. It will unveil the result of its latest vote tomorrow, with economists forecasting a further quarter-point rise to 5.5%. The base rate had been at a record low of 0.1% as recently as December 2021. Springfield said that it secured an additional £18m term loan and a 12-month extension to its overdraft facility to “ensure sufficient headroom” in the short term. It noted that it was actively pursuing land sales to accelerate the realisation of cash from its large land bank, carefully managing working capital, and pausing all speculative private housing development, noting that it will only build new homes where they have been reserved. It also signalled its re-entry to new long-term affordable-only housing contracts, having paused activity in this area in its last financial year, amid concern over the Scottish Government’s affordable housing investment benchmarks. Those benchmarks were increased by 16.9% in June and Springfield said it has signed contracts for £9.7m on May 31 and another for £8.1m post-year end, with a further 13 under negotiation. The company reported a 22% fall in pre-tax profits to £15.3m for the year ended May 31 amid significant cost inflation, and trimmed its profit expectations to £10m-£14m for 2024. Chief executive Innes Smith declared that the “fundamentals of our business and our position within the Scottish housing market remain strong” despite the challenges the company was currently facing. He said: “The fundamentals of the Scottish market remain extremely positive, which is why our confidence remains strong in the medium and long term. “With Scotland one of the few places across the UK where it is still cheaper to buy than rent a home privately, affordability for home buyers is favourable. Plus, with house prices across Scottish regions holding strong, the market here has proven to be far more resilient than elsewhere. “We are pleased to see mortgage rates begin to normalise for our customers and look forward to experiencing re-energised customer demand when buyers seize this good time to buy. We will build homes as they are reserved to react to levels of demand. And we will continue to offer our customers an unrivalled level of choice and specification, build them a highly energy efficient home, which keeps their running costs low, alongside our fantastic customer service.” Springfield reported today that the 12 months to May 31 had been a year of record completions, which increased to 1,301 from 1,242. Its private housing division saw strong growth, boosted by the acquisitions of Tulloch Homes and Mactaggart & Mickel Homes, with revenue climbing by 45% to £253.4m. But revenue from affordable housing dipped by 16% to £53.9m as margins came under pressure from build cost inflation and the fixed cost of contracts. It noted that the Scottish Government had now revised affordable housing investment benchmarks for inflation. Springfield also said that during the year it had withdrawn plans for further projects in the private rented sector following the introduction of rent controls by the Scottish Government. Shares in Springfield closed down 9.92%, or 6p, at 54.5p. |
Posted at 20/9/2023 16:25 by aldriglikvid Pretty harsh reaction today, to be honest.Plans to sell approx. 1000 plots for +£50m i.e. current amount of wholly owned plots (+6500) should exceed market cap (and debt) with a substantial margin. Also, we shouldn't be more than 1 year from SPR returning to +£20m yearly PBT. Current market cap £58m. All the other builders delivered the same results and outlook, but received a decent share rally afterwards. I guess it's the cancellation of the dividend that hurts. Here at p/tangible book 0.35 one have to bid (I'd argue). What's not included in that price? |
Posted at 04/9/2023 09:18 by wskill Managed to get a few more this morning to add to Fridays buy not too easy to buy SPR and its not huge amounts I was after .Yes I did also see it was interest free the £35.8m read a bit more at the weekend and maybe its going to be a little weaker the housing market over the next few years,so even with a weak market SPR looks well placed so am adding but WTFDIK I have been wrong before. |
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