The announcement comes as the housebuilder told shareholders that trading for H1 2026 was in line with management’s expectations.

Agreement with SSEN Transmission

Springfield’s initial agreement with SSEN Transmission is towards the delivery of 293 homes at six sites across Highland, Moray and Aberdeenshire, with the homes to be leased for an initial four-year period to accommodate workers involved in SSEN Transmission’s energy upgrade projects.

Under the initial agreement, the group will provide the enabling works to prepare selected sites for the main construction and will receive payment from SSEN Transmission to fund these site-opening costs. It is intended that the parties will, in the near term, then enter a further agreement for the build and lease of the housing.

It is expected that homes will be delivered by Springfield on a phased basis over the next three years and will be leased for an initial four-year period.

At the conclusion of the lease period, the group said it will have multiple attractive options, including making the housing available for private housing sales or sales to private rented sector providers as well as sales to affordable housing providers to secure a lasting legacy for the communities.

Springfield is continuing to discuss further agreements with SSEN Transmission and other major infrastructure providers to deliver new housing on a similar basis to support the upgrade of crucial energy infrastructure in the North of Scotland.

Trading update

Trading for the six months ended 30 November 2025 was in line with management’s expectations. Springfield said it expects to report revenue for H1 2026 of c. £106.0 million (H1 2025: £105.6m) and net bank debt at 30 November 2025 of c. £40.0m (30 November 2024: £62.9m).

In private housing, there was an increase in average selling price during the first half, which partly mitigated the expected reduction in completions. While the market remained subdued, in line with the wider housebuilding industry, the group anticipates an upturn in consumer confidence following the recent publication of the UK Budget, with the announced measures being less severe than had been widely predicted.

As a result, and along with normal seasonality, the group expects to deliver higher private housing revenue in the second half of the year.

Springfield performed well in affordable housing, with good growth in the number of completions. The group has continued to secure new contracts with gross margins remaining strong. Almost all of the forecast FY 2026 revenue for its affordable housing activity has been delivered or contracted, and the remainder is under negotiation. Accordingly, the board said it remains confident of achieving revenue growth in affordable housing for the full year.

Springfield said it continues to make selective land sales, and its interest in its large, high-quality land bank remains strong.

Innes Smith, CEO of Springfield, said: “We are delighted to have signed our first agreement to provide housing to support the delivery of crucial infrastructure upgrades across the North of Scotland. The build and multi-year lease of housing will allow us to receive income over the course of the lease as well as having additional attractive options at the conclusion of the lease period.

“We are continuing to discuss further projects with SSEN Transmission and other infrastructure providers, and we remain very excited about the substantial opportunities in the North of Scotland.

“Turning to our trading, we are pleased to have performed in line with our expectations for the first half, including a significant reduction in bank debt compared with this time last year. In private housing, we are hopeful that an increase in consumer confidence following the publication of the UK Budget, along with expected interest rate cuts, will provide a boost to homebuying in 2026.

“We are continuing to perform well in affordable housing, with almost all of our FY 2026 forecast revenue already delivered or contracted. Accordingly, we remain on track to deliver results for the full year in line with market expectations and look forward to reporting on our progress as each of these initiatives progresses.”

Rob McDonald, managing director of SSEN Transmission, said the agreement with Springfield “represents a milestone in our housing legacy commitment”.

“It’s more than just bricks and mortar – it’s about creating long-lasting value for communities, providing much-needed homes, and supporting the workforce delivering vital grid upgrades,” he added. “Alongside our other housing agreements, we are proud to be working in partnership with Springfield to deliver homes that will benefit local people for decades to come.”