Springfield Properties is one of Scotland’s leading housebuilders (top three by volume). It has an enviable track record of growth and profitability and a reputation for building high quality homes in attractive locations. It has multiple awards for the quality of its homes and innovations.

08 Jul 2025

Significant debt reduction, strategically repositioned

Today’s full year trading update confirms that Springfield will report PBT for FY25 in line with market expectations and that net bank debt will be significantly lower than previously forecast.

The highlight of the year was undoubtedly the significant and profitable land sale to Barratt Redrow, announced in February, which will eliminate net bank debt by FY27, whilst paving the way for a strategic refocusing on the North of Scotland.

In our view, Springfield is uniquely positioned to support the material increase in housing demand expected in this region over the medium term.

Valuation is undemanding at 0.7x Price/ Book (a meaningful discount to the peer group average of 0.9x). We reiterate our 150p Fair Value estimate.

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