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.
| Date | Type | Announcement | Day |
|---|---|---|---|
| 18 Sep 26 | First Main Works Agreement
Springfield Properties signs first main works agreement for 39 build-to-lease homes under energy partnership. |
+2.2% | |
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Homes in first main works agreement 39Total homes across partnership 293Sites across Highlands, Moray and Aberdeenshire 6
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| 16 Sep 26 | Launch of Share Buyback Programme
Board approved share buyback programme of up to 5,957,372 shares, commencing immediately. |
+3.7% | |
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Maximum shares to be repurchased 5,957,372Percentage of issued share capital approximately 5%Minimum price per share 0.125 penceMaximum price per share 5% above average middle market price
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| 15 Sep 26 | Results | Final Results and Publication of Annual Report
Springfield Properties posted final results with revenue down 13% to £243.7m, but eliminated net debt and increased dividend to 3.0p. |
+1.9% |
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debt elimination was significantly ahead of market expectations expectations Revenue £243.7m (£280.6m)Private housing revenue £165.0m (£155.8m)Affordable housing revenue £54.3m (£49.4m)Adjusted operating profit £15.8m (£25.2m)Net bank cash £1.2m ((£20.9m))Total dividend per share 3.0p (2.0p)
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| 21 Aug 26 | Share Buyback, Rule 9 Waiver and Notice of GM
Springfield Properties seeks shareholder approval for share buyback programme of up to 5.96m shares with Rule 9 waiver. |
+5.6% | |
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Proposed buyback 5,957,372 Ordinary SharesMaximum buyback authority 11,904,240 Ordinary SharesMinimum purchase price 0.125 pence per shareMaximum purchase price no more than 5% above average middle market price
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| 17 Aug 26 | Land Sale and Final Deferred Consideration Payment
Sold 170 plots of land for £12.0m and used £6.5m proceeds to settle final deferred consideration from Mactaggart & Mickel acquisition. |
+1.4% | |
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ahead of schedule expectations Land sale proceeds £12.0mDeferred consideration paid £6.5mOutstanding deferred consideration settled £20.7mOriginal deferred consideration £30.8m
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| 04 Jun 26 | Trading update | Trading Update
Springfield Properties eliminated bank debt to achieve net cash of £1m, significantly ahead of market expectations of £10m net debt. |
+4.8% |
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ahead expectations Net bank cash position £1mRevenue FY 2026 £245mPeak net bank debt £93.4m (November 2023)Homes agreed with SSEN Transmission approximately 300
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| 17 Feb 26 | Results | Half-year Results
H1 2026 revenue up 2% to £108.0m; profit before tax up 6% to £3.7m; net debt down 37% year-on-year. |
−2.3% |
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in line with expectations expectations Revenue £108.0m (£105.6m)Profit before tax £3.7m (£3.5m)Net bank debt £39.6m (£62.9m)Basic EPS 2.39p (2.27p)Gross margin 15.8% (17.7%)
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| 17 Dec 25 | Trading update | Agreement with SSEN Transmission & Trading Update
Springfield signs agreement with SSEN Transmission to deliver 293 homes across six sites in North of Scotland. |
+2.1% |
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in line expectations Homes to be delivered 293H1 2026 revenue (expected) £106.0m (£105.6m)Net bank debt at 30 November 2025 £40.0m (£62.9m)Lease period (initial) 4 yearsDelivery timeframe 3 years
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| 13 Nov 25 | Director dealing | Director/PDMR Shareholding
Sandy Adam, Chairman, sold 2.27 million shares, retaining 21.4% stake in Springfield Properties. |
+0.4% |
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Shares sold by Sandy Adam and associates 2,267,899Sandy Adam's remaining holding 25,440,120 sharesPercentage of issued share capital 21.4%Sale price range £1.15 to £1.19 per share
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| 29 Oct 25 | Grant of performance share awards
CEO and CFO granted performance share awards with vesting dependent on EPS and build-to-rent strategy targets. |
−0.9% | |
| 16 Sep 25 | Results | Final Results and Publication of Annual Report
Revenue up 5.3% to £280.6m and profit before tax nearly doubled to £20.1m, but private housing completions fell 15% due to subdued market conditions. |
+3.8% |
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Revenue £280.6m (£266.5m)Profit before tax (adjusted) £20.1m (£10.6m)Basic EPS 11.86p (6.36p)Private housing revenue £155.8m (£184.7m)Land sales £60.5m (£28.1m)Net bank debt £20.9m (£39.9m)
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| 08 Jul 25 | Trading update | Trading Update
Revenue increased to £280m with profit in line with expectations; net debt reduced to £21m ahead of schedule. |
+2.5% |
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profit in line; net debt reduction ahead expectations Revenue £280m (£266m)Bank debt £21m (£39.9m)Land plots sold to Barratt 2,480Affordable housing gross margin double digits
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| 09 Apr 25 | Change of Auditor
Johnston Carmichael LLP appointed as auditor, replacing BDO LLP, effective immediately. |
−3.9% | |
| 17 Feb 25 | Progressive publishes new research
FY25 profit significantly ahead of market expectations; debt to fall substantially then move to net cash position. |
+2.5% | |
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ahead expectations |
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| 17 Feb 25 | Results | Half-year Results
H1 2025 revenue down 13% to £105.6m but profit up 27% and net debt cut 33% to £62.9m. |
+2.5% |
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in line expectations Revenue £105.6m (£121.7m)Gross margin 17.7% (14.7%)Operating profit £6.1m (£4.8m)Adjusted profit before tax £3.8m (£2.0m)Net bank debt £62.9m (£93.4m)Total completions 361 (432)
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| 17 Feb 25 | Springfield Signs Land Sale Agreement with Barratt
Springfield sells 2,480 plots of undeveloped land to Barratt for £64.2m to reduce debt and focus on North of Scotland expansion. |
+2.5% | |
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ahead expectations Land sale proceeds £64.2mPlots sold 2,480Number of sites 6Land bank remaining (years of activity) over 9 yearsExpected net cash position FY 2027SSEN investment in region £31bn
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| 10 Dec 24 | Trading update | Trading Update
H1 2025 trading in line with expectations; private housing reservations increased, affordable housing margins improved to double-digits. |
−0.6% |
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in line expectations Net bank debt £63.6m (£93.4m (30 Nov 2023))Net bank debt £63.6m (£39.9m (31 May 2024))Scottish Budget affordable housing allocation 2025/26 £768m
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| 29 Oct 24 | Grant of SAYE options & performance share awards
Springfield granted SAYE options to 191 employees and performance share awards to CEO and CFO. |
+0.0% | |
| 17 Sep 24 | Progressive publish new research
Springfield Properties returned to dividend payments following debt reduction focus and confirms FY25 expectations. |
+0.5% | |
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ahead expectations |
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| 17 Sep 24 | Results | Final Results and Publication of Annual Report
Revenue fell 19.8% to £266.5m due to weak private housing demand, but profit ahead of expectations and net debt cut to £39.9m. |
+0.5% |
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ahead of management's original expectations due to strong profits on land sales expectations Revenue £266.5m (£332.1m)Adjusted profit before tax £10.6m (£16.0m)Net bank debt £39.9m (£61.8m)Basic EPS 6.36p (10.19p)Total completions 878 (1,301)Total dividend per share 1.0p (nil)
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| 11 Jul 24 | Trading update | Trading Update
FY 2024 revenue £266m down 20% on prior year; bank debt reduced to £40m ahead of target. |
−1.0% |
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profit slightly ahead; revenue on track for FY 2025 expectations Bank debt c. £40m (£61.8m)Revenue c. £266m (£332.1m)Private housing revenue c. £185m (£253.4m)Affordable housing revenue c. £46.5m (£53.9m)Land sales £28mTotal completions c. 870 (1,301)
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| 03 Jun 24 | Progressive publishes new research
Springfield enters 50:50 partnership with Barratt to develop village of 3,000 homes near Stirling; land sale to reduce debt. |
+4.3% | |
| 03 Jun 24 | Collaboration with Barratt for Durieshill
Springfield partners with Barratt to develop 3,000-home Durieshill village near Stirling, receiving £10m upfront. |
+4.3% | |
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bank debt ahead of target expectations Cash payment from Barratt £10mHomes planned at Durieshill 3,000Site size 600 acresExpected bank debt at 31 May 2024 c. £41mDebt target £55m
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| 30 May 24 | Springfield signs £6m affordable housing contract
Springfield Properties signs £6.3m affordable housing contract with Wheatley Group, construction to complete by October 2025. |
+0.0% | |
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Contract value £6.3m
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| 01 May 24 | Springfield signs £10m affordable housing contract
Springfield signs £10.1m affordable housing contract with Moray Council for delivery over 18 months. |
+2.6% | |
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Contract value £10.1mDesign and build delivery period 18 months
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| 20 Feb 24 | Progressive publish new research
Progressive publishes research on Springfield Properties noting on-track progress for FY24 earnings and debt reduction targets. |
−0.6% | |
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on track expectations |
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| 20 Feb 24 | Results | Half-year Results
H1 revenue fell 25% to £121.7m as private housing demand weakened; net debt rose to £93.4m despite cost controls. |
−0.6% |
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in line with management expectations expectations Revenue £121.7m (£161.9m)Private housing revenue £87.7m (£118.6m)Operating profit £4.8m (£7.6m)Gross margin 14.7% (14.0%)Net bank debt £93.4m (£67.8m)Basic EPS 1.00p (4.24p)
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| 19 Feb 24 | Sale of land for £8.7m
Springfield Properties sold 11.2 acres of land for £8.7m to support debt reduction. |
+2.0% | |
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Land sale proceeds £8.7mLand area 11.2 acresNumber of plots 85Cash inflow current year £6.5mTotal land sales since October 2023 over £18m
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| 06 Feb 24 | Springfield signs £15m affordable housing contract
Springfield signs £15.3m affordable housing contract with Highland Housing Alliance including bulk sale and design-build phases. |
+5.1% | |
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Contract value £15.3mBulk sale element £4.1mDesign and build element £11.2mContracts signed with housing providers in last 8 months c. £40m
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| 13 Dec 23 | Progressive publishes new research
Springfield confident of meeting market expectations for full-year profitability and debt reduction. |
+0.0% | |
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in line expectations |
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| 13 Dec 23 | Trading update | Trading Update
H1 2024 trading in line with expectations; on track to reduce net bank debt to £55m by May 2024. |
+0.0% |
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in line expectations Net bank debt c. £94.0m (£61.8m)New affordable housing contracts signed c. £24.0mLand sales agreed £9.3mBuild cost inflation expected c. 4%Net bank debt target c. £55.0mOwned plots in land bank c. 6,500
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| 04 Dec 23 | Sale of land for £4.2 million
Springfield Properties sells 45 acres of land for £4.2 million to reduce debt. |
+2.8% | |
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Land sale proceeds £4.2mLand acres 45 acresPlots 190Cash on completion £830kLand sales in last two months almost £10m
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| 06 Nov 23 | Springfield signs £6m affordable housing contract
Springfield wins £6.1m affordable housing contract with Highland Council, deliverable over 18 months. |
+5.7% | |
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Contract value £6.1mDelivery period approximately 18 monthsAffordable housing contracts signed since 31 May c.£24m
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| 01 Nov 23 | Grant of performance share awards
CEO and CFO granted performance share awards vesting in three years subject to earnings and gearing targets. |
−1.0% | |
| 01 Nov 23 | Board change | Directorate Change
Roger Eddie retired as Non-executive Director after 15 years on the Board. |
−1.0% |
| 16 Oct 23 | Sale of land for £5.2 million
Springfield Properties agreed to sell 9.5 acres of land for £5.2m to reduce debt. |
+2.9% | |
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Land sale price £5.2mLand area 9.5 acresNumber of plots 92Initial cash receipt £0.5mDeferred payment £4.7m
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Company filings. Not investment advice.