Affordable house building boosts turnover at Springfield
Elgin-based housebuilder Springfield Properties has announced a 14 per cent increase in turnover to £84 million following a “significant increase” in affordable house building in the central belt.
The firm, which has expanded from its heartland in north-east Scotland into the central belt in recent years, saw its profits dip to £3.1m in the year to May from £4.1m in the prior 12 months.
The company emphasised this drop in profits was temporary, attributing it to the completion of older sites and investment in the promotion of new projects.
Managing director Innes Smith said: “This has been an important year for Springfield with a number of large private and affordable developments beginning to come on stream after years in planning and design. The year has seen a significant increase in our affordable housing presence in the central belt with five new active sites. Profit has dipped temporarily as older sites were completed and investment was made in promoting new sites.
“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.
“We are successful because we have dedicated employees who focus on looking after our customers and giving them what they want. We satisfy our private customers with individual homes which include much more than the industry standard included in the price. Our homes are complete from ‘move in’ day with everything from carpets to the garden tap included. Our registered social landlords want high quality volume housing efficiently built to a high standard with the latest renewable technology, always within budget and on time. We work hard looking after both.”
He added: “Developing young people is important for our continued growth too. Apprentices and trainees make up 10 per cent of our workforce. This year we have taken on more than 20 young people to fill new apprentice and trainee positions across the business.”
Company chairman, Sandy Adam, is pleased with the company’s performance and looks forward to the future.
He 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.”
During the year, the company built 510 homes and, for the third year in a row, scooped the National Home Builder of the Year award. Around 1,000 people work on Springfield projects every day; 450 of those are directly employed. The house builder currently has 40 live developments across Scotland.