Published on: December 12, 2022
Taking a prudent outlook in uncertain markets
Springfield Properties, Scotland’s only quoted housebuilder, has prudently, in our view, adjusted its guidance for FY23E due to more challenging housing market conditions and specific external factors referred to in September’s FY22 results. Consequently, we cut our estimates for FY23E and, again prudently, for FY24E. Our sector view is that the market may decline less than widely feared, but for now we adopt Springfield’s conservative view.
