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In the year to 31^st May 2025, Springfield Properties made a pre-tax profit of £19.0m, nearly double the £9.7m it made the previous year, while operating profit was up 42% at £24.2m (2024: £17.0m).

Revenue was up 5.3% at £280.6m (2024: £266.5)

The improved profitability comes on the back of a new strategy that has seen Springfield focus on the north of Scotland.

It has entered an agreement with Barratt Redrow for the sale of 2,480 plots of undeveloped land, primarily in Central Scotland, for £64.2m in cash. This has accelerated the reduction of the group’s bank debt to £20.9m (down from £39.9m a year before) and supports the plan to capitalise on the opportunities in the north of Scotland, directors said.

While revenue from private housing sales was down nearly 16% at £155.8m (2024: £184.7m), contract housing revenue increased from £5.0m to £11.0m and affordable housing revenue went up from £47.0m to £49.4m.

Chief executive Innes Smith said: “I am pleased with what we achieved this year and how we have positioned ourselves for greater success going forward. We accelerated the reduction of our bank debt and delivered an increase in both profit and revenue, despite sales continuing to be impacted by subdued market conditions. We have made the decision to refocus our strategy to capitalise on the substantial opportunities in the north of Scotland driven by incoming energy security infrastructure and renewable development.

 “We have already made excellent progress in implementing this new strategy and are now in advanced discussions with infrastructure providers whereby we expect to enter an agreement in the near term for the build and multi-year lease of housing. This would allow us to receive regular income over the course of the lease as well as having further options for monetisation at its conclusion. This reflects our ability to navigate the market and our agility to deliver innovative solutions to meet housing need while maximising the value of our land bank in this area of high demand. We are very excited about the prospects in the north of Scotland, in particular, and we continue to look to the future with great confidence.”

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