Trading Update

RNS Number : 7166Z

Springfield Properties PLC

19 December 2017

 

19 December 2017

Springfield Properties plc

("Springfield" or the "Company")

Trading Update

Springfield Properties (AIM: SPR), a leading housebuilder in Scotland offering private and affordable housing, provides the following trading update for the six month period ended 30 November 2017 ahead of its interim results to be announced in February 2018.

The Company made good progress in both the private and affordable housing divisions, which was underpinned by the continued requirement for more homes in Scotland for private individuals and across all tenures in the affordable and social housing sector. As a result, the Company expects to report revenues for the first half of 2017/18 in line with management's expectations and declare an interim dividend for the period.

Specifically, Springfield continued to advance the development of new villages that it is creating across Scotland. Progress was made with the first village, Dykes of Gray in Dundee, where sales are ahead of the Company's target for the year to date. In September, the first homes at Springfield's new 3,000 home village in Perth went on sale and work on site commenced. The Company will shortly be submitting the plans for another 3,000 home village at Durieshill, in Stirling, for planning approval and the legal agreement for 870 of 2,500 new homes for a village at the south of Elgin is being finalised.

The affordable housing division also continued to perform as expected. The Company achieved a milestone when it welcomed Housing Minister, Kevin Stewart, to its affordable housing development in Muirhouse, Edinburgh to mark the handover of the 70,000^th affordable home built in Scotland in the last 10 years. During his visit, the Housing Minister spoke with customers living on the development.

The Company will provide further details at the time of the interim results.

Enquiries

Springfield Properties
Sandy Adam, Executive Chairman Innes Smith, Chief Executive Officer	[phone]
N+1 Singer
Shaun Dobson, James White	[phone]
Luther Pendragon
Harry Chathli, Claire Norbury, Alexis Gore	[phone]

 

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