Published on: February 21, 2023
Guidance maintained as buyers return
Springfield has maintained FY23E guidance for adjusted PBT in today’s half-year results. Scotland’s only quoted housebuilder was ahead of larger UK peers in outlining a more prudent outlook in December but now reports a recovery in buyer activity since the new year, although the Affordable Housing and Contracting businesses continue to face headwinds due to Scottish Government policies. In order to concentrate on debt reduction, Springfield has temporarily suspended the interim dividend for FY23E, but we maintain our FY24E dividend and cut our net debt estimate for next year.