Scottish housebuilder Springfield Properties is on target to report revenue growth for the first half of the 2019-20 financial year, the firm has confirmed.
In a trading update, the firm said results would be in line with management’s expectations. It added that the firm entered the current financial year “in a strong position”, noting an increase in completions and revenue in both private and affordable housing.
Innes Smith, chief executive officer of Springfield Properties, said: “We’re pleased to have achieved another period of growth resulting from sustained progress across our business as we continue to deliver on our targets. Our acquisitions are performing well and we are excited about the new opportunities offered by our partnership with Sigma.
“The UK is entering a period promising greater market certainty, which will benefit our customers, our suppliers and our business. This, combined with a land bank providing work for at least 16 years and a skilled and dedicated workforce, gives us continued confidence in our future prospects and in achieving our goals.”
The news comes after Springfield signed a collaboration agreement with a subsidiary of Edinburgh-based Sigma Capital Group in September to acquire and develop private rented homes in Scotland.
The agreement with Sigma’s investment adviser, Sigma PRS Management, targets the release of “hundreds of homes over the coming years”. It represented Springfield’s first partnership in the sector.
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