Firm reports revenue increase ahead of 800 Edinburgh development at The Wisp
Springfield Properties, which is planning a new 800-home development at The Wisp in Edinburgh, has reported record profits of £5.1 million to May 2016, which is an increase of 64% on last year.
Revenue rose 8% to £91 million from £84 million, with sales rising 4% to 495 homes from 478 homes.
The company, which has been named Scottish House Builder of the Year three times, attributes the impressive profit growth to greater sales as more customers take advantage of Springfield’s distinctive market proposition, which includes a choice of room colours and customised kitchens and bathrooms.
Managing director Innes Smith said: “Our success this year bodes well for future profit growth which will be sustained with more new sites coming out of planning and into production.
“Next year we will begin building on a 3,500 home village in Perth, a 750 home development in Dundee and a 2,000 home village in Elgin. We are progressing planning for a 2,500 home village near Stirling and a further 800 home development at the Wisp, Edinburgh.
“Springfield has reported a profit and growth in every year of trading. This will continue next year, with turnover rising to £100m as increasing success drives the business forward. We are delighted to have recently secured a two-year funding package from our bank to deliver these opportunities.”
Springfield directly employs 450 people and over 1,000 people work exclusively on Springfield projects every day. Around 20% of the workforce are in apprentice or trainee roles. The house builder has around 40 live sites across Scotland.
Springfield Properties has offices in Larbert and Elgin and now build over 500 houses per annum. They are headed up by Sandy Adam who is the founder and main shareholder.