Preparing the ground for a significant opportunity
Springfield's FY25 results are in line with expectations, confirming a year of very strong growth driven by the transformational land sale to Barratt.Profits increased by 90% and net debt halved, as the Group refocused its activities on the North of Scotland. This region is expected to see a surge in infrastructure investment over the next decade, and the Highland Council is targeting delivery of 24,000 homes, a doubling of housing output.
To capitalise on the opportunity, Springfield is developing a build and lease model, alongside its traditional house building activities. This introduces a new, highly visible and profitable rental revenue stream.
Springfield's strategy to capitalise on the opportunity is crystallising and we reiterate our 150p fair value estimate.
Springfield Properties is engaged in developing a mix of private and affordable housing in Scotland. Co. operates through two divisions: Private Housing and Affordable. The Private Housing division develops smaller to medium sized developments in Scotland, as well as a small number of larger sites. The Affordable division's operations focus on the development of land into stand-alone sites which consist entirely of affordable homes.
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