Business
Full Year Results
Full Year Results.
About this update from Springfield Properties Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3694A\n Springfield Properties PLC\n 29 September 2020\n \n \n \n 29 September 2020 \n \n Springfield Properties plc\n (\"Springfield\", the \"Company\" or the \"Group\")\n \n Full Year Results\n \n Springfield Properties (AIM: SPR), a leading housebuilder in Scotland delivering private and affordable housing, announces its full year results for the twelve months ended 31 May 2020.\n \n Financial Summary\n \n \n \n \n \n \n \n 2019/20\n £m\n \n \n 2018/19\n £m\n \n \n \n \n Revenue\n \n \n 144.4\n \n \n 190.8\n \n \n \n \n Gross margin\n \n \n 18.9%\n \n \n 18.0%\n \n \n \n \n Operating profit*\n \n \n 12.1\n \n \n 17.6\n \n \n \n \n Adj. profit before tax*\n \n \n 10.2\n \n \n 16.5\n \n \n \n \n EPS* (p)\n \n \n 8.33p\n \n \n 13.92p\n \n \n \n \n Dividend per share (p)\n \n \n 2.0p\n \n \n 4.4p\n \n \n \n \n * Adjusted to exclude exceptional expenses of £0.4m (2018/19: £0.6m)\n \n The Group's results were impacted by the delivery of handovers scheduled for April and May 2020 being delayed due to the COVID-19 lockdown. For the previous two years, these months had accounted for 30% of the Group's annual revenue. With these sales contracted under the Scottish missive system, the revenue anticipated for the last two months of 2019/20 is expected to be recognised in the first half of the current financial year. Despite this, the Group achieved an improvement in gross margin and an adjusted profit before tax of £10.2m (2018/19: £16.5m).\n \n COVID-19 Response\n \n · \n Secured an additional £18m bank term loan facility to provide sufficient capital in case of a twelve-month lockdown to protect the business and supply chain \n \n \n · \n Reacted decisively and effectively to the challenges of the COVID-19 pandemic, with Springfield's priority being the health and safety of its workforce, customers and local communities\n \n \n · \n Temporarily closed all operations on 24 March 2020 and implemented a series of cost mitigation measures\n \n \n Operational Summary\n \n · \n Total\n \n completions: 727 homes (2018/19: 952)\n \n \n · Successful acquisition integration driving margin improvement\n \n · Expanded geographical presence with strategic land acquisitions in Inverness\n \n · Significant progress in advancing land bank with prop...