Property & Construction

Springfield Properties PLC

  • Market Cap (£m) 62.8
  • Listing AIM

Eight Page Summary

Analysts

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.

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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.

Key Dates

Dec 2020
15th
Q2 TU
Actual
Feb 2021
23rd
Interims
Actual
Jul 2021
1st
Q4 TU
Actual
Sep 2021
14th
Finals
Actual
Oct 2021
27th
AGM
Actual
Dec 2021
1st
Q2 TU
Actual
Feb 2022
22nd
Interims
Actual
Jun 2022
22nd
Q4 TU
Actual
Sep 2022
20th
Finals
Actual
Oct 2022
31st
AGM
Actual
Dec 2022
12th
Q2 TU
Actual
Feb 2023
21st
Interims
Actual
Jul 2023
19th
Q4 TU
Actual
Sep 2023
20th
Finals
Actual
Sep 2023
26th
IE Group Meeting
Actual
Oct 2023
25th
AGM
Actual
Dec 2023
13th
Q2 TU
Estimate
Feb 2024
21st
Interims
Estimate
Jul 2024
19th
Q4 TU
Estimate
Sep 2024
20th
Finals
Estimate
Oct 2024
25th
AGM
Estimate