Springfield Properties shares up as eliminates debt ahead of schedule

Springfield Properties PLC on Thursday said it was debt free at the end of May, significantly ahead of market expectations.

The news sent shares in the Morayshire, Scotland-based housebuilder up 4.1% to 97.32 pence each in London on Thursday morning.

In a trading update, Springfield said it had removed its bank debt and had a net cash position of £1 million at the end of May.

It said this is significantly ahead of market expectations of year-end net bank debt of £10 million, and a substantial reduction from the highest reported net bank debt of £93.4 million in November 2023.

This represents a successful execution of the group’s strategy and offers Springfield greater financial flexibility to capitalise on investment opportunities, the firm added.

Springfield expects to report revenue and adjusted pretax profit tax for the financial year ending May in line with market expectations, with total revenue of around £245 million.

In the prior financial year, Springfield posted revenue of £280.6 million and adjusted pretax profit of £20.1 million.

In private housing, there was strong growth in the second half of the year compared with the first half, while affordable housing revenue grew year-on-year, as expected, as the group delivered against its strong order book and continued to secure new contracts.

Springfield said it is ‘very excited’ about prospects in the north of Scotland, noting forecasts for expected housing demand in the region are substantial.

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