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.

Recent signals

Positive 16 Sep 2026

Share buyback launched of up to about 5% of shares alongside higher 3.0p dividend

Board says shares are materially undervalued versus underlying value and is returning cash after eliminating net bank debt. 16 Sep 2026 15 Sep 2026

Positive 15 Sep 2026

Net bank debt eliminated, ahead of market expectations and FY2027 target

Net bank cash of £1.2m versus £20.9m debt a year earlier and £93.4m peak in 2023. 15 Sep 2026 4 Jun 2026

Mixed 15 Sep 2026

Strategy shift to develop Central Scotland sites rather than sell them

Reverses plan to sell remaining land; higher overheads expected to be offset by greater medium-term profit. 15 Sep 2026

Positive 2 Jul 2026

Downing LLP raised its holding from below 3% to 4.0%

Institutional stake building between November 2025 and July 2026. 2 Jul 2026 18 Nov 2025

Mixed 23 Mar 2026

Chairman and CEO sold shares; chairman transferred shares to family trust

Chairman sold 2.27m shares and CEO sold 100,000 shares, though chairman retains a large stake. 23 Mar 2026 7 Jan 2026 13 Nov 2025

Capital actions

2026-09-16 buyback programme – Buyback of up to 5,957,372 shares (about 5%), held in treasury, starting immediately 16 Sep 2026
2026-08-17 disposal · £12.0m – Sold 170 plots in Central Scotland; proceeds used toward final Mactaggart & Mickel deferred consideration 17 Aug 2026
2026-08-17 acquisition · £20.7m – Settled final outstanding deferred consideration for Mactaggart & Mickel acquisition 17 Aug 2026
2025-08-01 debt refinancing · £77.5m – New three-year Barclays RCF, reducing to £47.5m in August 2026, plus £2.5m overdraft 16 Sep 2025
2025-02-17 disposal · £64.2m – Sold 2,480 plots of undeveloped land, mainly Central Scotland, to Barratt, proceeds received over four years 17 Feb 2025
2024-06-03 disposal · £10m – Land sale to Barratt at Durieshill under 50:50 collaboration near Stirling 3 Jun 2024

Risks & opportunities

Opportunities

Build-to-lease homes for energy infrastructure providers in the North of Scotland since 2025-09 18 Sep 2026
Scottish Government record £4.9bn affordable housing funding supporting affordable contracts since 2026-09 15 Sep 2026

Risks

Subdued UK housing demand and cautious consumer sentiment affecting private reservations since 2024-02 20 Feb 2024
NPF4 planning system constraining new sites and access to development land in Scotland since 2026-09 15 Sep 2026
Higher overheads in Central Scotland from retaining workforce to develop sites since 2026-09 15 Sep 2026

As the company itself describes them.

Coming up

16 Sep 2026 Results investor webinar at 9.00am BST
2026 AGM to renew buyback authority; buyback ends at close of AGM
Near term Further build and lease agreements for remaining SSEN sites
Aug 2027 Overdraft facility of £2.5m expires
Aug 2028 Revolving credit facility expires

From the company's own announcements · not investment advice

Company filings. Not investment advice.