Published on: September 20, 2023
Focused on cutting debt in uncertain market
Springfield’s FY results to 31 May were in line with its July update guidance, a resilient performance amid challenges, in our view. Following the update, we stated we would review our FY24E estimates in light of guidance at the results. This remains cautious and the Group is now focusing squarely on cutting debt by realising value from its quality landbank. We do, however, believe there could be upside from a revival in affordable housing.