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Published on: July 11, 2024

FY24E land sales drive debt reduction

Springfield’s year-end trading statement reveals that adjusted PBT will be slightly ahead of market expectations due to profitable land sales, which also drove greater than originally targeted debt reduction. We are, conservatively, maintaining our PBT forecasts for now. With one of the largest land banks in Scotland, amid a sharply increased appetite across the industry for sites in recent months, the Group is ‘well-positioned to be able to capitalise on the pent-up demand for high quality, energy efficient housing as market conditions improve’.

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