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Springfield Properties Plc

-0.50 (-0.58%)
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
  -0.50 -0.58% 85.00 140,014 08:00:00
Bid Price Offer Price High Price Low Price Open Price
84.00 86.00 85.00 85.00 85.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Operative Builders 257.10 16.07 13.60 6.11 100.70
Last Trade Time Trade Type Trade Size Trade Price Currency
13:01:26 O 11 85.10 GBX

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01/3/202310:45Springfield Properties241
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Posted at 01/3/2023 10:45 by scotches

SPRINGFIELD Properties has secured the green light to build 1,000 homes in Midlothian.

The Elgin-based housebuilder has won outline planning permission for the proposed Lingerwood neighbourhood, and said it will now progress detailed proposals for the first 200 homes. It said the project will promote low and zero-carbon technologies and offer a range of homes, “catering for first-time buyers, young professionals, growing families and those setting into retirement”.

Springfield noted that the masterplan for Lingerwood will “embrace the 20-minute neighbourhood model which promotes local living”, adding that residents will be able to easily access facilities such as shops and play parks.

Martin Egan, chief operating officer at Springfield, said: “This planning consent marks a major milestone for a significant development that will bring forward excellent quality, energy efficient homes for people in Midlothian.

“However, more than this, Lingerwood will see the creation of a thriving village that can sustain the needs of local people for years to come. It will be a best-in-class example of place-making and we are confident that it will complement nearby established residential areas that already have distinct identities.

“We have spent a great deal of time consulting with Midlothian Council and local stakeholders and their feedback has been invaluable so far. We are keen to build on these relationships as we refine our plans and look ahead to the first phase of development.”

Last week Springfield said it had paused new activity in the affordable housing market, sparking an unspecified number of redundancies at the company.

The company 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.

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.

Posted at 21/2/2023 17:58 by warranty
Yes bad decision that but now Sturgeons gone you never know? Clearly also the low cost housing turned out a noose around the company’s neck but at least that’s been paused. The company claims that recent enquiries have improved so with interest rates and inflation on the wane, affordability should lead to more sales for the second half when hopefully the dividend is resumed. According to the z telegraph this morning the average buying price in Scotland is only five and a half times earnings compared to eight in England and even ten times in London so hopefully that will also help?
Posted at 22/12/2022 12:27 by dros1
some good news for SPR

No rent restrictions for social landlords in Scotland next year

Posted at 21/12/2022 20:43 by swiss paul
Yes but share price is based on the future not the past and if you look at property prices they have been falling which means????
I see the Directors have alos decided to top up. Either they have confidence about something or they cant read the economic situation - which wou,d eb quite worrying

Posted at 20/12/2022 09:35 by scotches
Directors topping up at the current lows.

Posted at 13/12/2022 18:51 by warranty
I think everybody anticipated tough times for at least the next twelve months so really no rush to buy and HB stocks at the moment which may appear cheap but probably will get even cheaper yet. Obviously if SPR aren’t selling houses they won’t be paying a dividend so expect that to be cut or shelved as well in the forthcoming results statement.
Posted at 11/8/2022 19:48 by swiss paul
RNS Number : 7610V
Springfield Properties PLC
11 August 2022
Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland delivering private, affordable and PRS housing, announces that Michelle Motion, Chief Financial Officer of the Company, and Michael Holm, husband and PCA of Michelle Motion, today purchased, through respective ISAs, a total of 25,000 ordinary shares of 0.125 pence each in the capital of the Company ("Ordinary Shares") at a price of 134 pence per Ordinary Share.

Following these transactions, Michelle Motion has an interest in 127,5261 Ordinary Shares, representing approximately 0.1% of the issued share capital of the Company.

Posted at 02/6/2021 08:11 by spob
Springfield smashes earnings forecasts

Buoyant private housing demand and land sales to two national housebuilders.
Profits for 2020/21 financial year to be materially above market expectations.

A pre-close trading update from Springfield Properties (SPR: 168p), a housebuilder focused on developing a mix of private and affordable housing in Scotland, highlights why I selected the shares, at 135.6p, in my 2021 Bargain Shares Portfolio.

A strong rebound in build and sales activity in the first half of the 2020/21 financial has continued into the second half (to 31 May 2021), so much so that both revenue and profit from Springfield’s private housebuilding activities will exceed prior guidance that was already factoring in a material step change in profits.

True, the Scottish housing market is in rude health, as is the case with most regions in the UK, but Springfield is also attracting home buyers because its mid-sized Village community developments are close to fast-growing cities (Dundee, Perth, Stirling, Livingston and Elgin) and offer more spacious homes with gardens and green spaces. A lower entry price makes them highly affordable, too. In addition, Springfield has sold 200 plots to two major housebuilders across its Central Belt developments, a further indication of the strength of Scotland’s housing market.

Analyst Alastair Stewart of Progressive Equity Research has taken note, upgrading full-year pre-tax profit and earnings per share (EPS) estimates by almost 20 per cent to £18m and 14.7p, respectively, implying close to 80 per cent profit growth on 38 per cent higher revenue of £199m. The upgrade is split roughly 50:50 between the private housing division and land sales. Stewart has also slashed his net debt forecast from £42.5m to £25.2m, representing a 63 per cent year-on-year reduction, adding weight to forecasts which point to a hike in the annual dividend from 2p to 4.5p a share when the group releases results next month.

On this basis, the shares are rated on 11.5 times earnings for the year just ended and offer a dividend yield of 2.6 per cent, a rating that fails to factor in the strong likelihood of Springfield realising further value from its high-quality land bank. It is conservatively valued, too, as land and work in progress is in the books at £155m, or less than £10,000 per plot. Moreover, the 15,000-plot land bank equates to 20 years output, so underpinning another step change in pre-tax profits and net asset value (NAV) in the coming years as the hidden value in the land bank is released. Progressive Equity is factoring 33 per cent higher pre-tax profit of £23.9m in the 2022/23 financial year, and a closing NAV of 132p a share, implying the shares are rated on a lowly prospective price/earnings (PE) ratio of nine and 1.3 times NAV estimates.

A triple top chart break-out of the 165p to 170p resistance level looks on the cards and would set up a share price move to my upgraded 220p target price. Buy.

Posted at 25/4/2021 11:08 by dros1
Simon Thompson ftom IC
Interim results from Springfield Properties (SPR:155p), a housebuilder focused on developing a mix of private and affordable housing in Scotland, highlight why I included the shares in my 2021 Bargain Shares Portfolio. First half pre-tax profit surged 42 per cent on revenue up 18 per cent to £94m and net debt has more than halved to £33.2m since the 30 May 2020 financial year-end.

Chief executive Innes Smith says that Springfield is in “as good as a position as we have ever been.” In fact, the company is trading ahead of Progressive Equity Research’s full-year forecasts which point to revenue rising 23 per cent to £178m to deliver 48 per cent higher pre-tax profits of £15.1m and EPS of 12.3p. On this basis, expect a full-year dividend per share of 4.5p, a pay-out that is well covered by forecast free cash flow of 30p a share.

The housing market backdrop remains very positive. Demand for housing in Scotland continues to outstrip supply with R.I.C.S. reporting 8.6 per cent annual house price growth in the 12 months to 30 November 2020. Mortgage availability remains good and with interest rates on the floor, Springfield’s lower entry price homes remain affordable for first time buyers who can even tap a £25,000 interest free equity loan from the Scottish Government’s First Home Fund. In the first half, 311 private sales completed at an average selling price of £239,000 and 132 affordable homes at £148,000 per unit. Also, the Scottish Government have committed £787m to affordable housing delivery in the next fiscal year. Even the Covid-19 pandemic is playing into Springfield’s hands as more home purchasers are looking for the type of affordable housing in green spaces that Springfield provides.

It’s worth noting that the company has entered a strategic partnership with private rental sector (PRS) housing specialist Sigma Capital Group (SGM) to provide 75 PRS homes at Springfield’s Bertha Park Village scheme near Perth. Springfield has three active Village schemes (7,000 homes) under development and a further two schemes which have potential to deliver 5,542 homes (Livingston and Stirling). There is obvious scope to scale up the partnership with Sigma.

The company’s share price has risen by over 10 per cent since I suggested buying and it’s reasonable to expect the re-rating to continue. A forward PE ratio of 10 for the 2021/22 financial year still represents a 13 per cent discount to listed peers even though the company could easily outperform the 26 per cent growth embedded in analysts’ 2021/22 EPS forecasts. Worth noting too that £1m of the forecast £4.5m growth in pre-tax profit in the 2021/22 financial year is covered by annualised costs savings made in the current year, and long lead times (six to nine months) on home sales offers strong revenue visibility to support forecasts.

There is even hidden value in the company’s balance sheet. Springfield’s 15,029-plot land bank has a gross development value of £3.1bn and stretches out 15 years at current build rates, but land and work in progress is carried in the accounts at only £155m. The reported price-to-book value of 1.5 times is far closer to parity if land is marked to market value. Buy.

Springfield Properties share price data is direct from the London Stock Exchange
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