Springfield Properties
SPR · AIM · Consumer Products and Services · mcap £133m · 111.2p
Springfield builds private homes and affordable homes for councils and housing associations, mainly in Scotland. It also trades land and is moving into build-to-lease housing for energy infrastructure workers.
The case for
- Net bank debt fell from a £93m peak to net cash of about £1m, ahead of the FY 2027 target. 4 Jun 2026 15 Sep 2026
- Dividend rose from nil to 1.0p, 2.0p and then 3.0p, and a buyback has begun. 17 Sep 2024 16 Sep 2025 15 Sep 2026 16 Sep 2026
- The SSEN Transmission agreement for about 293 homes gives a multi-year pipeline in the North of Scotland. 17 Dec 2025 18 Sep 2026
- The land bank remaining after the Barratt sale is over nine years of activity. 17 Feb 2025
The case against
- Revenue fell 13% in FY 2026 to £243.7m and adjusted operating profit fell from £25.2m to £15.8m. 15 Sep 2026
- Debt reduction relied on land sales, which are one-off and not repeatable. 17 Sep 2024 16 Sep 2025
- Private housing demand was weak, with completions falling in earlier years, and gross margin slipped to 15.8% in H1 2026. 16 Sep 2025 17 Feb 2026
- The chairman sold shares in November 2025 and later moved shares into a family trust. 13 Nov 2025 23 Mar 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.