Scottish housebuilder blames impact of pandemic for fall
Springfield Properties saw pre-tax profit slip to 拢6.2m from 拢8.6m in the first half with the Scottish housebuilder saying income from private housing was down by a third.
The firm said the 28% drop in profit and fall in revenue by 8% to 拢87.3m in the six months to the end of November was due to covid-19 delayed completions being rolled over into the second half of 2021, inflating the previous year鈥檚 figure. It said it is on track to meet its expectations for the year.
Springfield鈥檚 private housing revenue fell 35% from 拢71.9m to 拢47.3m.
But revenue from affordable housing increased from 拢18.3m to 拢31.7m while turnover from contract housing nearly doubled from 拢3.8m to 拢7.6m.
The builder completed 197 private homes in the half year, down from 299 the previous year, but increased affordable housing completions from 126 to 204.
It said it is on track to increase its annual revenue from affordable housing by 35%. Last year it posted 拢55m turnover from affordable housing.
No comments yet