6 February
2024
Springfield Properties
plc
("Springfield", the "Company", the "Group" or the "Springfield
Group")
Springfield signs £15m
affordable housing contract
Springfield Properties plc (AIM:
SPR), a leading housebuilder in Scotland focused on delivering
private and affordable
housing, announces that it has signed a new
contract, worth £15.3m, with Highland Housing Alliance ("HHA") for
the delivery of affordable housing. The contract includes an
initial bulk sale of housing, followed by a design and build
aspect.
The Group will receive £4.1m for a
bulk sale of housing, which is scheduled to complete during the
current financial year. The design and build phase, which is worth
£11.2m, is due to commence in the coming weeks, with the majority
of the revenue to be recognised in the Group's next financial year.
Innes Smith, CEO of Springfield
Properties, said: "Since reengaging with affordable housing providers, we have
been greatly encouraged by the interest that we are receiving.
Within the last eight months, we have signed contracts worth c.
£40m with local housing authorities and other affordable housing
providers. Alongside the design and build contract, we are pleased
to have this opportunity to deliver a bulk sale that will support
our overall sales rates as well as our focus on maximising cash
generation.
"As well as contributing towards the
Scottish Government's ambitious affordable housing targets, these
homes will help meet the surge in demand for housing in the
highlands with the Inverness and Cromarty Firth Green Freeport
expected to bring 10,000 new jobs to the area. Our strong
land-holding across the highlands means we are well placed to
assist with housing delivery and we look forward
to working with HHA to provide these much-needed
homes."
Enquiries
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Springfield Properties
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Sandy Adam, Chairman
Innes Smith, Chief Executive
Officer
Iain Logan, Chief Financial
Officer
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+44 1343 552550
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Singer Capital Markets
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Shaun Dobson, James Moat, Oliver
Platts (Investment Banking)
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+44 20 7496 3000
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Gracechurch Group
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Harry Chathli, Claire Norbury, Henry
Gamble
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+44 20 4582 3500
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Analyst Research
Equity Development and Progressive
Equity produce freely available research on Springfield Properties
plc, including financial forecasts. This is available to view and
download here:
https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
