Springfield builds 14% rise in annual turnover

Housebuilder Springfield Properties has predicted a return to profit growth after reporting higher annual sales.

Springfield chairman Sandy Adam said the builder had enjoyed 'another successful year'

The firm, based in Elgin and Larbert, said turnover for the year to May rose 14 per cent to £84 million, although net pre-tax profits fell to £3.1m, down from £4.1m the previous year.

Managing director Innes Smith said profits had dipped “temporarily” as older sites were completed and investment was made in promoting new sites.

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He added: “Projections for next year see turnover continuing its steady rise, reaching around £90m. We anticipate profit to climb as big new developments in Perth, Dundee, Elgin and Nairn come on and the expansion of our affordable housing operations in the Central Belt put Springfield in a strong position.”

Smith said that Springfield had taken on more than 20 young people during the year to fill new apprentice and trainee positions, which now account for 10 per cent of its workforce.

The family-led builder directly employs 450 people and about 1,000 people work on its projects. During the year, it built 510 homes and currently has 40 developments across Scotland.

Chairman Sandy Adam – the grandson of company founder Wilfred Adam – said: “This has been another successful year for Springfield. We have excellent people working for us, building great houses. Springfield has invested heavily in land over the last five years and has an approved or zoned land bank of more than 5,000 plots.”