Published on: September 20, 2022

Record result against inflationary backdrop

Springfield Properties, Scotland’s only quoted housebuilder, has delivered record FY22 results despite supply chain pressures, with homes completed rising 28%. Adjusted PBT rose 12% to £20.8m, 5% below our estimate mainly due to challenges in Affordable Housing (AH), while Private Housing continued to perform strongly. However, the Scottish government’s temporary freeze on rents will inevitably impact AH and Private Rental Sector (PRS) volumes, necessitating us to trim our PBT by 9% and 8%, respectively, for FY23E and FY24E. Despite this force majeure, we remain confident in Springfield’s longer-term outlook.