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.

Target	Promise	Said	Status
2024
31 May 2024	Reduce net bank debt to about £55m by 31 May 2024	13 Dec 2023	✓ Kept
	“on track to report results for FY 2024 in line with market expectations, including meeting target to reduce net bank debt to c. £55.0m by 31 May 2024” Also stated 20 Feb 2024 Result Debt fell to about £40m, ahead of target, helped by the Barratt land sale. “The Group expects to report bank debt of c. £41m as at 31 May 2024, ahead of its stated target of £55m.”3 Jun 2024 · Collaboration with Barratt for Durieshill “Bank debt reduced to c. £40m as at 31 May 2024, ahead of stated target of £55.0m”11 Jul 2024 · Trading Update
31 May 2024	Meet market expectations for FY 2024 profitability and debt reduction	13 Dec 2023	✓ Kept
	“confident of meeting market expectations for FY 2024” Also stated 13 Dec 2023 Result FY 2024 profit was slightly ahead of expectations and debt was below target. “Profit before tax expected to be slightly ahead of market expectations due to good profits being made from land sales of £28m during the period”11 Jul 2024 · Trading Update “Bank debt reduced to c. £40m as at 31 May 2024, ahead of stated target of £55.0m”11 Jul 2024 · Trading Update
2025
31 May 2025	Achieve 26% growth in adjusted PBT and further substantial debt decline	13 Dec 2023	◐ Partly kept
	“26% growth in adjusted PBT and a further substantial decline in debt” Result Adjusted PBT nearly doubled to £20.1m in FY25 and debt fell to £21m. “Adj. profit before tax* \| 20.1 \| 10.6 \| 89.6%”16 Sep 2025 · Final Results and Publication of Annual Report “Net bank debt \| 20.9 \| 39.9 \| (47.6)%”16 Sep 2025 · Final Results and Publication of Annual Report
31 May 2025	Meet market expectations for FY 2025, revenue stable, private housing and affordable growth of about 40%	11 Jul 2024	✗ Missed · target changed
	“the Group remains confident in meeting market expectations for FY 2025” Also stated 17 Sep 2024 · 10 Dec 2024 Result Profit was guided significantly ahead of expectations in Feb 2025. Revenue rose 5% to £280.6m but private housing revenue fell. “Springfield achieved an increase in revenue to £280.6m (2024: £266.5m) and in profit before tax and exceptional items to £20.1m (2024: £10.6m)”16 Sep 2025 · Final Results and Publication of Annual Report
31 May 2025	Report FY 2025 profit significantly ahead of market expectations	17 Feb 2025	✓ Kept
	“report profit for FY 2025 significantly ahead of market expectations” Result Adjusted profit before tax nearly doubled to £20.1m. “Adjusted profit before tax and exceptional items to £20.1m (2024: £10.6m).”16 Sep 2025 · Final Results and Publication of Annual Report “Adj. profit before tax* \| 20.1 \| 10.6 \| 89.6%”16 Sep 2025 · Final Results and Publication of Annual Report
30 Sep 2025	Declare a final dividend for FY 2025	17 Feb 2025	✓ Kept
	“remains committed to declaring a final dividend for FY 2025” Result Total dividend rose to 2.0p from 1.0p. “Total dividend per share (p) \| 2.0p \| 1.0p \| 100.0%”16 Sep 2025 · Final Results and Publication of Annual Report
2026
31 May 2026	Deliver higher FY 2026 revenue, with affordable and private housing growth	17 Dec 2025	◐ Partly kept
	“the Group continues to expect to deliver higher revenue in the second half of the year, and an increase in revenue for FY 2026 compared with FY 2025” Also stated 17 Feb 2026 Result Affordable revenue rose to £54.3m and private to £165.0m, but total revenue fell 13% to £243.7m. 15 Sep 2026 · Final Results and Publication of Annual Report
31 May 2026	Deliver FY 2026 results in line with market expectations	17 Dec 2025	✓ Kept
	“we remain on track to deliver results for the full year in line with market expectations” Result Net debt was significantly ahead of expectations, and no profit warning was reported. “The Group expects to report revenue and adjusted profit before tax in line with market expectations, with total revenue for FY 2026 of approximately £245m.”4 Jun 2026 · Trading Update
16 Sep 2026	Commence share buyback programme	15 Sep 2026	✓ Kept
	“the Company intends to commence a share buyback programme as an effective means to create value for shareholders” Result Board approved a buyback of up to 5,957,372 shares, commencing immediately. 16 Sep 2026 · Launch of Share Buyback Programme
Today · 10 Oct 2026
31 Dec 2026	Increase sites allocated in Highland Local Plan	16 Sep 2025	… In progress
	“the Group expects to achieve a further increase in the number of its sites allocated for residential development within the forthcoming Local Plan, which is expected to be finalised by the end of calendar year 2026” Status so far Not yet due.
2027
31 May 2027	Remove bank debt and reach net cash by end of FY 2027	17 Feb 2025	✓ Kept
	“keeping us on track to remove bank debt by the end of FY 2027” Also stated 17 Feb 2025 · 8 Jul 2025 Result Net cash of about £1m was reported at May 2026, a year early. “The Group is pleased to announce that, as at 31 May 2026, it had removed its bank debt and had a net bank cash position of approximately £1m.”4 Jun 2026 · Trading Update “The Group continued to focus on reducing debt and exercising disciplined cost control and achieved net bank cash at 31 May 2026 of £1.2m”15 Sep 2026 · Final Results and Publication of Annual Report
2028
31 Dec 2028	Deliver 293 homes to SSEN Transmission over three years	17 Dec 2025	… In progress
	“It is expected that homes will be delivered by Springfield on a phased basis over the next three years” Status so far Not yet due.