Springfield Properties PLC
- Market Cap (£m) 62.8
- Listing AIM
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Company Description
Springfield, admitted to AIM in October 2017, is Scotland's only quoted housebuilder. It has a differentiated business model that focuses on two differing markets, both of which have high demand and, arguably, a lower risk profile: housing for private sale and affordable housing (the latter provided both as part of planning requirements in the Private Housing division as well as in its own right in the Affordable Housing division). A cornerstone of Springfield's strategy is its focus on 'Village' communities with up to 3,000 homes, which are set in a rural context but close to fast-growing cities, designed with everything a community needs to thrive. Across six respected housing brands, Springfield, Partnerships, Dawn, Walker, Tulloch and Mactaggart & Mickel, the group works in close co-operation with local councils and other stakeholders to deliver high-quality housing in key locations in Scotland.
Investment Summary
We believe that economic and political dynamics are likely to support relatively strong growth in housebuilding volumes and prices in Scotland. House prices in Scotland are more affordable in relation to household incomes than in almost any other region of the UK's mainland, while the Scottish Government has pledged to invest in building affordable homes. In our view, Springfield benefits from a distinctive business model and we believe strategically important acquisitions and an innovative rental partnership over the past three years are supportive of a return to growth once the social and economic hurdles of Covid-19 normalise. The Village developments, which can combine private sale, affordable and private rental housing, are a particularly attractive feature of the strategy, in our view.
Recent Content

Focused on cutting debt in uncertain market
20/09/2023 Springfield Properties PLC
Springfield’s FY results to 31 May were in line with its July update guidance, a resilient performance amid […]

‘In-line’ results in face of multiple challenges
19/07/2023 Springfield Properties PLC
Springfield’s FY23E period-end trading update confirms that profits will be in line with expectations despite challenging UK economic […]

Guidance maintained as buyers return
21/02/2023 Springfield Properties PLC
Springfield has maintained FY23E guidance for adjusted PBT in today’s half-year results. Scotland’s only quoted housebuilder was ahead […]

Taking a prudent outlook in uncertain markets
12/12/2022 Springfield Properties PLC
Springfield Properties, Scotland’s only quoted housebuilder, has prudently, in our view, adjusted its guidance for FY23E due to […]

ESG credentials spotlighted in industry awards
24/11/2022 Springfield Properties PLC
Springfield’s longstanding focus on sustainability, which it detailed along with social and governance commitments in its September ESG […]

Record result against inflationary backdrop
20/09/2022 Springfield Properties PLC
Springfield Properties, Scotland’s only quoted housebuilder, has delivered record FY22 results despite supply chain pressures, with homes completed […]

Forecasts up after ‘pay-as-you-go’ acquisition
22/06/2022 Springfield Properties PLC
We have raised our FY2023E and FY2024E PBT estimates for Scotland’s only quoted housebuilder by 5% and 10%, […]

FY guidance reiterated in HY results
22/02/2022 Springfield Properties PLC
Scotland’s only quoted housebuilder, Springfield Properties, has reiterated its FY2022E guidance in its interim results, supporting our estimates […]

Earnings-enhancing deal lifts Highlands growth
01/12/2021 Springfield Properties PLC
Scotland’s only quoted housebuilder, Springfield Properties, has acquired Highlands developer, Tulloch Homes, for an enterprise value of £56.4m […]
Progressive in conjunction with Mello Events, presents the management team of Springfield Properties
21/09/2021

Rebound in market pays dividends
14/09/2021 Springfield Properties PLC
Scotland’s only quoted housebuilder has reported an 81% uplift to £18.5m in adjusted PBT for the full year […]

Debt continues to fall faster than forecast
01/07/2021 Springfield Properties PLC
Scotland’s only quoted housebuilder has confirmed in today’s trading update its previously raised profit estimates for the year […]

“Excellent” H2 sales drive FY2021E upgrades
01/06/2021 Springfield Properties PLC
We have raised our FY2021E PBT and EPS estimates by almost 20% and cut our net debt projections […]

H1 results point to ‘significant’ full year growth
23/02/2021 Springfield Properties PLC
Scotland’s only quoted housebuilder has delivered a 43% jump in adj PBT for the six months to November, […]
Company Management Team
Innes Smith
Chief Executive Officer
After graduating from Heriot Watt University in 1991, Innes qualified as a chartered accountant with KPMG before joining SGL Technic, a subsidiary of RK Carbon Fibres (now called SGL Carbon Fibres Limited), a NASDAQ and Deutsche Bourse listed company, as financial controller. Innes was promoted to finance director at SGL Technic and after five years moved to Gael Force. Innes joined Springfield in 2005 as Finance Director and was appointed Chief Executive Officer in October 2012 after seven years with the Company. In his role as Chief Executive Officer Innes has grown the scale of the Springfield family of companies with annual revenue increasing from £53.5 million in 2011/2012 to £257.1 million in 2021/2022. Innes was appointed to the board of Homes for Scotland in 2016
Iain Logan
Chief Finance Officer
Iain has 13 years professional experience working in a PLC environment. Iain qualified as a Chartered Accountant in 2002 with PricewaterhouseCoopers in Edinburgh. He then spent 8 years with Murray International Holdings Limited gaining extensive corporate finance experience working on all aspects of acquisitions, disposals and fund raising within its investment company. He also held the Financial Controller role for its residential and property development company. Iain then spent 9 years as Group Financial Controller of Omega Diagnostics PLC where he had full responsibility for all financial reporting and management of finance teams in the UK, Germany and India. Iain joined Springfield in 2020 as Group Financial Controller and was promoted to Finance Director in 2021 leading all aspects of financial operations and establishing strong relationships with external stakeholders. He played a key role in the acquisitions of Tulloch Homes in 2021 and the Scottish housebuilding division of MacTaggart & Mickel in 2022 and was appointed as CFO in 2023.