Springfield Properties trades in line as SSEN housing deal signed
Springfield Properties PLC on Wednesday said trading in the first half of financial 2026 was in line with management expectations, as it reported a new agreement to deliver housing linked to major energy infrastructure projects.
The housebuilder said it expects revenue of around £106.0 million for the six months to November 30, broadly flat compared with £105.6 million a year earlier. Net bank debt is expected to have fallen to about £40.0 million from £62.9 million at the same point last year.
Springfield also announced it has signed an initial agreement with Scottish Hydro Electric Transmission PLC, trading as SSEN Transmission, to deliver around 293 homes across six sites in Highland, Moray and Aberdeenshire.
The homes will be leased for an initial four-year period to house workers involved in upgrading Scotland’s electricity transmission grid.
Under the agreement, Springfield will carry out enabling works on selected sites and receive funding from SSEN Transmission to cover site-opening costs.
The group expects to enter a further agreement covering the construction and leasing of the homes, which are due to be delivered on a phased basis over the next three years.
The company said discussions are ongoing with SSEN Transmission and other infrastructure providers about similar arrangements elsewhere in the north of Scotland.
In its trading update, Springfield said performance in affordable housing was particularly strong, with good growth in completions, continued success in securing new contracts and gross margins remaining robust. Almost all forecast affordable housing revenue for the full 2026 financial year has already been delivered or contracted, with the remainder under negotiation.
In private housing, Springfield reported an increase in average selling prices during the first half, which partly offset a reduction in completions amid a subdued market. The group said it expects private housing revenue to improve in the second half, helped by normal seasonality and an anticipated lift in consumer confidence following the UK budget.
Springfield expects to publish its interim results in February 2026.
Its shares were up 3.5% at 124.25 pence in London on Wednesday afternoon.
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