BUSINESS HAS NEVER been better for a Moray firm that specialises in building affordable housing around the country as they revealed record revenues.
Springfield Properties has revealed that for the first time in their history annual revenues rose to over £100million.
Executive chairman Sandy Adam said that the achievement came on the back of the “tremendous work” undertaken by the 500 employees who continue to create high-quality and affordable homes.
Announcing it full year results for the year ended May 31, the Elgin company showed a 31% rise in pre-tax profits to £6.7m, on revenue up 22% to £111million (from £90.18million last year).
All this came in a year when Springfield built their 4000th home, with completions up by a quarter as keys to 620 homes were hander over – while Springfield built 437 homes for private sale, a year-on-year increase of 10%, with a further 183 affordable homes – up 90% on the previous year.
Sandy Adam said: “I am pleased to report another year of strong growth, reaching the milestone of £100m revenue for the first time in our history.
“This has largely been due to the tremendous work carried out by each and every one of our 500 staff who have built high-quality and desirable affordable and private homes. We are also proud to have reached the key milestone of building our 4000th home during the year.
“Looking ahead, we continue to drive controlled expansion, particularly with the affordable side of our business. Our target is to double turnover in affordable housing over the next two years.
“Significant progress was made in developing the five Springfield Villages and these will be the cornerstone of our future growth as we seek to deliver increasing numbers of homes.”