Media Release: Springfield Properties profit rise

  • House building firm announces YoY increase in turnover and profit

ELGIN and Larbert-based house builder, Springfield Properties Plc, today announced they have topped a fantastic year of sales and awards with a rise in profit of 19 per cent to £4.1m in its latest financial year.

Annual results to May 2014 show profit rose to £4.1m from £3.5m last year. Turnover also increased to £74m from £47m.

This significant boost comes in the year where Springfield handed over a record 456 homes. Overall performance has led to the firm being awarded Scottish Business of the Year by the Scottish Chamber of Commerce, and winning Scottish House Builder of the Year for the second time in a row.

Managing director, Innes Smith said:

“This has been an excellent year for us. Sales are up again, profits are up again and we made the final payment for the £50m business we acquired from Redrow in 2011.

“We believe our success comes from giving our customers what they want. We offer lots of choice and customers move into a complete home. This means including the turf, the carpets the dishwasher, the washing machine, the microwave, the mirrors – and everything else you’d expect in a modern new home; we included it all.

“This success has seen us strengthen our workforce, across all functions from architects to after sales, increasing it by 25 per cent this year to over 420 people.

“The increase includes over thirty five new apprentices and trainees taken on this year. Developing young people is important for our continued growth, so this year we launched our new apprenticeship scheme, Springboard. The scheme makes sure our young people get a broad experience of their discipline and a good understanding of what their work means to the business.”

Springfield anticipates even further sustained growth in 2015, projecting turnover to rise to around £86m.

Company chair, Sandy Adam, is pleased with the company’s performance and looks forward to the future. He said:

“This has been another successful year for Springfield. We have excellent people working for us and it is because of their efforts, to look after our customers and generate sales, that we are successful. Customers like what we do for them and that generates sales.

“We have been busy buying land and now hold a strong land bank which is at various stages in the planning system. Two major developments in Dundee and Perth are on the near horizon, along with a number of other developments throughout Scotland.”

Springfield Properties currently employs in the region of 400 people directly, and their work supports a further 600 jobs around the country. The house builder currently has 40 live developments across Scotland.

Originally established in Elgin in 1956, Springfield Properties is a family-led company which began to increasingly focus on property development in the mid-1990s. Under the leadership of Sandy Adam, grandson of the founder of Springfield, the company has built over 3,500 homes since 1998, delivering high-quality private and social housing across Scotland.

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Contact: Ellie Wagstaff
Phone: 0141 333 9585
Email: ellie.wagstaff@bigpartnership.co.uk