Scottish housebuilder Springfield Properties reports 70% drop in pre-tax profits and 25% revenue decline due to high interest rates, mortgage affordability, and reduced homebuyer confidence.

Springfield Properties, a Scottish housebuilder, reported a 70% drop in pre-tax profits to £2m and a 25% decline in revenue to £121.7m in its 2023-24 interim financial results. The decline is attributed to high interest rates, mortgage affordability, and reduced homebuyer confidence. Springfield paused shareholder dividends and aims to reduce net bank debt by focusing on land sales and cost savings. CEO Innes Smith is confident in the company's long-term recovery, citing their strong market position and undersupply of housing in Scotland.

February 20, 2024
7 Articles

Further Reading