But housebuilder鈥檚 profit set to be lower than previous year
Scottish housebuilder Springfield said it expects to increase its annual revenue by nearly a third to around 拢330m.
It said its turnover was boosted by the acquisitions of housebuilders Tulloch Homes and Mactaggart & Mickel Homes.
Springfield said its profit for the year will be in line with its expectations but lower than the 拢18.4m pre-tax profit reported last year due to 鈥渟ignificant build cost inflation, particularly on fixed-price contracts in affordable housing, affecting margins across the group鈥�.
The housebuilder said that as of 31 May it had a landbank of 16,300 plots of which more than half had planning permission.
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Innes Smith, chief executive of Springfield Properties, said: 鈥淲e remain cautious about the near-term outlook, particularly given the softening in demand following the increase in rates by the Bank of England to 5%. We are closely monitoring the economy and buyer behaviour in both the housing and land market and carefully managing our activities to limit our exposure in the slower sales environment.鈥�
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