Builder Springfield sees earnings hit a high

Innes Smith is managing director of Springfield Properties. Picture: contributed
Innes Smith is managing director of Springfield Properties. Picture: contributed
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House builder Springfield Properties has battled a tough industry backdrop to notch up record full-year profits.

The firm, which has offices in Larbert and Elgin and builds some 500 houses per annum, reported profits of £5.1 million for the year to May, a rise of 64 per cent on the previous 12 months. Revenues rose 8 per cent to £91m.

Bosses said customers were taking advantage of the company's "distinctive market proposition, which includes a choice of room colours and customised kitchens and bathrooms".

READ MORE: Springfield builds 14% rise in annual turnover

Managing director Innes Smith said: “Our success this year bodes well for future profit growth which will be sustained with more new sites coming out of planning and into production.

"Next year we will begin building on a 3,500 home village in Perth, a 750 home development in Dundee and a 2,000 home village in Elgin. We are progressing planning for a 2,500 home village near Stirling and a further 800 home development at the Wisp, Edinburgh.

"Springfield has reported a profit and growth in every year of trading. This will continue next year, with turnover rising to £100m as increasing success drives the business forward. We are delighted to have recently secured a two-year funding package from our bank to deliver these opportunities."

The firm is chaired by Sandy Adam who is the founder and main shareholder. It directly employs some 450 people and more than 1,000 people work exclusively on Springfield projects every day. About a fifth of the workforce are in apprentice or trainee roles.

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