Springfield Properties (SPR) Trading update summary

Financial performance and debt position

• Achieved net bank cash position of approximately £1m at year-end, eliminating bank debt and surpassing expectations of £10m net debt.

• Reduced net bank debt from a peak of £93.4m in November 2023, reflecting strong cost discipline and working capital control.

• Revenue and adjusted profit before tax expected to be in line with market expectations, with FY 2026 revenue around £245m.

Operational highlights and strategic progress

• Strong year-on-year growth in both private and affordable housing revenues, supported by increased average selling prices and a robust order book.

• Signed initial agreement with SSEN Transmission to deliver nearly 300 homes in the North of Scotland, supporting energy infrastructure upgrades.

• Advanced negotiations for build and lease contracts, with construction underway on multiple sites.

Land bank and regional opportunities

• Strengthened land bank in the North of Scotland, promoting additional sites through emerging Local Development Plans.

• Accelerated planning for 800 plots across two key sites via Highland Council's Masterplan Consent Areas.

• Substantial housing demand forecasted in the region, with increasing interest from major infrastructure providers for worker accommodation.