Springfield excited by homes for energy providers – Daily Business

Springfield Properties said it is excited by further opportunities to provide housing to support energy installations in the north of Scotland.

The north of Scotland builder has benefited from signing its first deals with SSE to build homes for workers and is in talks over new projects.

Its revenue rose 2% to £108 million in the first half, driven by a sharp increase in income from affordable housing and land sales.

The company said in the six months to the end of November it saw a 26% rise in affordable housing revenue to £25.8m and a 92% increase in land sales to £9.8m, which offset a 9% decrease in private housing revenue to £65.4m.

Despite a lower gross margin profit before tax rose by 6% to £3.7m and adjusted profit before tax increased by 8% to £4.1m

The company said it is on track to deliver full-year results in line with market expectations, bolstered by an agreement to build nearly 300 homes in the North of Scotland.

Innes Smith, chief executive, said: “We are pleased to have performed in line with our expectations for the first half, with an increase in profit and a significant reduction in bank debt compared with the same time last year.

“We also achieved an important strategic milestone with the signing, post period, of our first agreement to provide housing to support the delivery of crucial infrastructure upgrades across the North of Scotland.

“We are continuing to discuss further projects with infrastructure providers, and we remain very excited about the substantial opportunities in the region.

“Looking to the full year, we continue to expect to deliver underlying growth when excluding the exceptional contribution of land sales to FY 2025.

“We are hopeful that an increase in consumer confidence following the publication of the UK Budget, along with interest rate cuts, will provide a boost to homebuying.

“We are continuing to perform well in affordable housing, with almost all of our FY 2026 forecast revenue already delivered or contracted.

“Accordingly, we remain on track to deliver results for the full year in line with market expectations and look forward to reporting on our progress.”