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SPR Springfield Properties Plc

0.00 (0.0%)
Last Updated: 00:00:00
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 Shares Traded Last Trade
  0.00 0.0% 74.00 5,908 00:00:00
Bid Price Offer Price High Price Low Price Open Price
72.00 76.00 74.00 74.00 74.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Operative Builders 332.13M 12.07M 0.1018 7.27 87.75M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:20:24 O 398 75.20 GBX

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04/12/202309:16Springfield Properties296
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Springfield Properties (SPR) Most Recent Trades

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Posted at 07/12/2023 08:20 by Springfield Properties Daily Update
Springfield Properties Plc is listed in the Operative Builders sector of the London Stock Exchange with ticker SPR. The last closing price for Springfield Properties was 74p.
Springfield Properties currently has 118,583,309 shares in issue. The market capitalisation of Springfield Properties is £87,751,649.
Springfield Properties has a price to earnings ratio (PE ratio) of 7.27.
This morning SPR shares opened at 74p
Posted at 01/11/2023 10:55 by wskill
Good to see directors are still awarding themselves shares not too sure why maybe the top of market purchase of building companies well done chaps on that or even, the need to stop paying dividends another pat on the back there then there is the selling off building plots at any price they can get ,

Surely gentlemen this is unwarranted your salaries are not small and are more than enough for your very poor efforts in management of this company .
Posted at 27/10/2023 08:25 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 13:21 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.

Posted at 26/10/2023 12:16 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 16/10/2023 12:01 by edmonda
"Land sale – delivering on cash generation strategy"

Springfield has announced the sale of c.9.5 acres of land for £5.2m in cash (£0.5m to be received in the coming days, £4.7m on completion). This is a profitable land sale, which is in keeping with the Group’s focus on debt reduction in an uncertain housing market. This again illustrates the value within the Group’s large landbank and discussions are ongoing with other housebuilders and affordable housing providers about a number of sites.

Springfield has one of the largest landbanks in Scotland. As of 31st May, the Group had 6,712 owned plots and strategic options over a further 3,255 acres (equivalent of a further 33,000 plots). The gross development of the owned landbank is c.£1.9bn, providing firm underpinning for long term shareholder value. We recently initiated coverage - see link here: - and continue to see scope for a material re-rating of the shares.

Our Fair Value / share is 110p, based on an undemanding rating of 0.9x Price/ Book.

Link to research report:
Posted at 20/9/2023 15:30 by jonwig
#272 - actually, the best sector performer recently was Vistry (VTY) thanks to its parnerships business model. This ought to benefit SPR.

Anyway, I look forward to tomorrow's figures.
Posted at 20/9/2023 15:25 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 20/9/2023 12:29 by edmonda
"Results in-line; Prioritising cash generation in FY24"

Springfield’s results to May ’23 are in line with expectations, confirming a record year of completions despite a challenging market backdrop. Decisive action has been taken to reduce costs (£4m annualised savings) and the main focus for FY24 is cash generation, which should result in a meaningful reduction in net debt by the year end. Whilst the broader market outlook remains uncertain in the near term, we are encouraged by recent developments in Affordable housing (increase in Scottish Government Affordable Housing Investment Benchmarks) and remain confident in the Group’s long term growth prospects, which are underpinned by the large land bank and a very strong market position (top three builder in Scotland).

As of 31st May, the Group had 6,712 owned plots and strategic options over a further 3,255 acres (equivalent of a further 33,000 plots). The gross development of the owned landbank is c.£1.9bn, providing firm underpinning for long term shareholder value. We recently initiated coverage (An undervalued, high quality growth story) and continue to see scope for a material re-rating of the shares. Our Fair Value / share is 110p, based on an undemanding rating of 0.9x Price/ Book.

Link to full research report & audio summary:
Posted at 04/9/2023 08:18 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.
Posted at 22/2/2023 08:56 by scotches
SHARES in Springfield Properties plunged by nine per cent after the Elgin-based housebuilder revealed spiralling inflation had led it to pause activity in the affordable housing market, sparking an unspecified number of redundancies at the company.

Springfield declared the impact of cost inflation on fixed-price contracts in affordable housing had offset the growth it had seen in the private market as it reported profits had fallen by 5% to £5.9 million in six months to November 30.

The company said it will not enter any new long-term fixed contracts for affordable housing until market conditions improve.

And chief executive Innes Smith said it would not invest in speculative building in the near future, with the company focusing on reducing its debt.

Profits at Springfield dipped in the first half amid the fall-out from former Prime Minister Liz Truss’s mini-Budget in September, which Mr Smith said had reduced homebuyers’ confidence and increased the cost of mortgages “significantly” in light of the subsequent rise in interest rates.

He told The Herald that Springfield has seen “green shoots” in the New Year, with reservation rates gradually increasing in January, but said the recovery had still to be established.

Springfield underlined the impact of its acquisitions of Mactaggart & Mickel Homes in July and Tulloch Homes in December 2021, as revenue from its private housing business increased to £118.6m in the first half from £47.3m at the same stage last year.

The company completed 429 homes in the first half, and is on track to deliver 1,200 for the full year, the company said.

However, revenue from affordable housing dipped by 12% to £27.9m from £31.7m amid the impact of cost inflation on fixed price contracts that were signed two to three years ago, which reduced margins.

Overall revenue increased by 85% to £161.9m.

Springfield said it would hold back from further work in affordable housing until conditions improve and the Scottish Government reviews its affordable housing investment benchmark.

Next year, affordable housing will account for 13% of Springfield’s business, compared to the 30% it has been responsible for previously.

“It has just become an incredibly difficult market,” Mr Smith said. “We have had 15 very good years of affordable. It’s a bad year this year so clearly we are pulling back and we have got the projects right down on affordable.

“But on the positive side the customer reservations are up.”

Mr Smith noted reservation rates in the private housing had steadily recovered in January to levels seen before the Truss mini-Budget, declaring that “there is more confidence in the market”.

He added: “People can see where the mortgage rates are at. Inflation is on its way down. We have seen prices remain stable. We have had no price decreases and we have no need of doing that so we do think the green shoots are there. Whilst we can’t quite see the flowers, we do see the green shoots.”

Mr Smith went on to highlight the falling price of commodities such as natural gas, oil and timber, which he said will accelerate as housebuilders reduce output and, ultimately, feed through to energy bills and the cost of living.

“That is coming, so that is clearly a positive,” he said.

Springfield reported that it undertook a restructuring further to its £46.3m acquisition of the housebuilding business of Mactaggart & Mickel which, along with other actions to save costs, will lead to annualised cost savings of around £3m.

Asked where the savings have been made, Mr Smith said “some senior management have left the business” further to the restructuring, while other people have departed and not been replaced.

He said: “Obviously, as turnover has gone down in affordable [housing], then unfortunately redundancies have had to happen.

“That is one of the consequences of taking the foot off the gas.

“There are real people getting impacted – [it is not just that] they are not getting the houses, [there are] employees that are no longer here because of that.”

Asked to specify how many people had been made redundant, Mr Smith said: “I would prefer not to.”

Springfield currently directly employs around 900 people, plus a further 1,500 on a sub-contracted basis.

The company has also stepped back from building homes for the private rented sector, following the move by Scottish ministers to cap rent increases to help people amid the cost-of-living crisis. It had previously been planning to build 300 PRS homes in partnership with Sigma Capital Group.

Springfield reported that net debt stood at £73.7m on November 30, compared with £38m at May 31. It noted that the increase reflected the “usual working capital cycle... with significant work-in-progress at period-end for delivery in the second half of the year and in the next financial year, as well as the Mactaggart & Mickel Homes acquisition.”

Shares closed in Springfield Properties closed down 8p, or 9%, at 80p.
Springfield Properties share price data is direct from the London Stock Exchange

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