Property & Construction

Springfield Properties plc

Market Cap (£m) 148.0
Listing AIM

Analysts

Company Description

Springfield, admitted to AIM in October 2017, is Scotland's only quoted housebuilder. It has a differentiated business model which focuses on two differing markets, both of which have high demand and, arguably, a lower risk profile: family housing 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 distinctive 'village' communities, close to fast-growing cities, located in Dundee, Perth, Stirling, Livingston and Elgin. Springfield's growth was augmented by the acquisitions of Dawn Homes in 2018, in West Scotland, and Walker Group in 2019, around Edinburgh. The group also formed its first private rental sector partnership in 2021.

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 moving into industry as financial controller at SGL Technic, a subsidiary of RK Carbon Fibres (now called SGL Carbon Fibres Limited), a NASDAQ and Deutsche Bourse listed company. 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 £140 million in 2017/18. Innes was appointed to the board of Homes for Scotland in 2016.

  • Michelle Motion

    Chief Finance Officer

    Michelle joined Springfield as a Finance Director in 2013. Michelle has over 20 years experience  of the property and construction industry. She has worked for Morrison Developments Limited, a subsidiary of AWG plc, and a FTSE 250 company, and the house building company Avant Group, previously known as Gladedale Group. Michelle graduated with a BA in Accounting and an MBA and is a qualified accountant from the Charted Institute of Management Accountants.

Key Dates

Jul 2019
2nd
Q4 TU
Actual
Sep 2019
17th
Finals
Actual
Oct 2019
23rd
AGM
Actual
Dec 2019
17th
Q2 TU
Actual
Feb 2020
25th
Interims
Actual
Jul 2020
10th
Q4 TU
Actual
Sep 2020
29th
Finals
Actual
Oct 2020
30th
AGM
Actual
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
1st
Q4 TU
Estimate
Sep 2022
14th
Finals
Estimate
Oct 2022
27th
AGM
Estimate
Dec 2022
1st
Q2 TU
Estimate
Feb 2023
22nd
Interims
Estimate