Springfield posts positive maiden annual results

Sandy Adam

Scottish housebuilder Springfield Properties has posted a 46% rise in pre-tax profit in its maiden annual results for the year to the end of May.

Adjusted pre-tax profit hit £9.8m, from £6.7m last year, off the back of a 27% rise in revenue to £140.7m. The group also reduced net debt by 54% to £15.3m, while gross profit margin increased 60 basis points from 15.1% to 15.7%. Shareholders will benefit from a final dividend of 2.7p, equating to a total dividend for the year of 3.7p.

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