Springfield Properties PLC Trading Update (6058K)
December 17 2018 - 1:00AM
UK Regulatory
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
TSTFKADKBBDBNBD
(END) Dow Jones Newswires
December 17, 2018 02:00 ET (07:00 GMT)
Springfield Properties (LSE:SPR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Springfield Properties (LSE:SPR)
Historical Stock Chart
From Apr 2023 to Apr 2024