Springfield Properties plc
Half Year Results for the six months ended 30 November 2025
Springfield Properties
Elgin South, Moray
Presentation Team Introduction
Innes Smith, CEO Appointed CEO in 2012 Joined as FD in 2005
KPMG qualified Chartered Accountant
Iain Logan, CFO
Appointed CFO in July 2023
Joined as Group Financial Controller in 2020
PwC qualified Chartered Accountant
Delivering Results - in line with Expectations Introduction
Solid Financial Performance |
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Executing on New Strategy |
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Quality Land Bank |
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On Track for Full Year |
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Committed to Returning Capital to Shareholders |
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£108.0m
(H1 2025: £105.6m)
Adj. PBT£4.1m
(H1 2025: £3.8m)
COMPLETIONS
316(H1 2025: 361)
NET DEBT£39.6m
(30 Nov 2024: £62.9m)
A Significant Opportunity
Introduction
Unprecedented growth happening across the region over 10-15 years
Substantial investment being made in infrastructure to achieve nation's
energy security
SSEN Transmission investing £20bn in the North of Scotland into upgrading the electricity network, workforce expected to peak in 2027/28 at around 5,000 workers
Inverness and Cromarty Firth Green Freeport
£6.5bn of investment over 25 years and over 10,000 long-term jobs -
£850m already secured including:
Sumitomo's new subsea cable manufacturing facility at the Port of
Nigg with £350m investment
Quantum Energy Partners redevelopment at Ardersier Port with
£300m investment
Local Authorities have begun engaging on new-style Local Development
Plans to streamline delivery
Highland Council is the first to set a target - committing to double housing output by delivering 24,000 new homes over next ten years
4 Port of Nigg
Map showing scale of development across the region with
volume of major energy-related planning applications
The challenge is to double ourcurrent housing supply and
accelerate the delivery of both public and private housing and the availability of sites across Highland.
Cllr Glynis Campbell Sinclaire, Chair of Housing and Property Committee of The Highland Council (22 Oct 2024)
Delivering on New Strategy
New strategy adopted in FY 2025 to focus on the North of Scotland where
Springfield is uniquely placed to capitalise on the opportunities
Initial agreement signed, post period, with SSEN Transmission
293 homes at six sites across the Highlands, Moray and Aberdeenshire
Accommodation for workers involved in SSEN's energy upgrade projects
Initial agreement is to provide enabling works
Further agreement intended in the near term for the build and four-year lease of
the housing
Homes to be delivered on a phased basis over three years
Multiple attractive options at the conclusion of the lease period
Private housing sales
Sales to PRS providers
Sales to affordable housing providers
Discussions continuing with other major infrastructure providers for further projects
This agreement with Springfield represents a major milestone in our housing legacy commitment. It's more than just bricks and mortar -it's about creating long-lasting value for communities, providing much-needed homes, and supporting the workforce delivering vital grid upgrades. Alongside our other housing agreements, we are proud to be working in partnership with Springfield to deliver homes that will benefit local people for decades to come.
Rob McDonald, SSEN Transmission's
Managing Director (17 Dec 2025)
Introduction
…I warmly welcome today's announcement that SSEN Transmission have reached with the Springfield Group to deliver nearly 300 new homes in the Highlands, Aberdeenshire and Moray. Not only will these new homes support the economic development of the area, they will also create a lasting legacy, in these communities, when the homes are released back for sale and rent.
Màiri McAllan, Cabinet Secretary for Housing (17 Dec 2025)
Springfield Properties
Drakies, Inverness Financial Review & Land Bank
Summary of Financial Results
£(m) | H1 2026 | H1 2025 | |
Revenue | 108.0 | 105.6 | ▲2.3% |
Gross profit | 17.1 | 18.7 | ▼8.6% |
Gross margin | 15.8% | 17.7% | ▼10.7% |
Administrative expenses* | (11.6) | (12.4) | ▼6.5% |
Operating profit* | 5.6 | 6.4 | ▼12.5% |
Operating margin* | 5.2% | 6.1% | ▼14.8% |
Profit before tax* | 4.1 | 3.8 | ▲7.8% |
Exceptional items | (0.3) | (0.3) | - 0% |
Profit before tax inc. exceptional items | 3.7 | 3.5 | ▲5.7% |
Taxation | (0.9) | (0.8) | ▲12.5% |
Profit after tax inc. exceptional items | 2.8 | 2.7 | ▲3.7% |
Net bank debt | (39.6) | (62.9) | ▼37.0% |
* Adjusted to exclude exceptional items
Financial Review & Land Bank
Adj. PBT£4.1m
(H1 2025: £3.8m)
NET DEBT£39.6m
(30 Nov 2024: £62.9m)
Summary
Revenue growth driven by affordable housing and land sales
Gross margin primarily reflects lower private housing margin and exceptional margin of land sales in H1 2025
Increase in profit before tax due to reduced administrative expenses as a result of strategic restructuring and lower net finance costs
Net bank debt significantly reduced
Financial Results by Sector
Financial Review & Land Bank
H1 2026
H1 2025
Private Housing
Completions
190
230
ASP
£344k
£313k
Revenue
£65.4m
£72.1m
Private housing
Reduction in revenue and completions primarily due to market conditions with lengthening of the sales cycle and strategic refocus on the North of Scotland
ASP increase reflects housing mix
Lower gross margin primarily reflects increased time and cost to
complete sites
H1 2026
H1 2025
Affordable Housing
Completions
113
95
ASP
£228k
£215k
Revenue
£25.8m
£20.4m
Affordable housing
Strong growth in revenue and completions
ASP increased
Gross margin broadly maintained
H1 2026
H1 2025
Contract Housing
Completions
13
36
Revenue
£3.6m
£6.0m
Contract housing
Reduction primarily due to no affordable housing completions in
H1 2026 compared with 17 in H1 2025
H1 2026
H1 2025
Revenue
Land sales
£9.8m
£5.1m
Other revenue
£3.4m
£2.0m
Land sales
Land sales primarily to Barratt - the final of the six sites sold
(20.0)
40.0
(9.4)
(9.9)
26.9
Net Bank Debt Analysis
Financial Review & Land Bank
(39.6)
(0.1)
(1.2)
(1.0)
(62.9)
(2.0)
Net bank debt | Working | Land sales | Land | Lease | Tax & interest | Operating | Deferred | Dividends | Other | Net bank debt |
at 30 Nov | capital | payments | liabilities | paid | profit | payments | paid | at 30 Nov | ||
2024 | 2025 |
Summary Balance Sheet
Financial Review & Land Bank
£(m) | 30 November 2025 | 30 November 2024 | Change |
Total assets | 317.4 | 318.0 | (0.2)% |
Net bank debt | (39.6) | (62.9) | (37.0)% |
Other liabilities* | (105.9) | (95.4) | 11.0% |
Net assets | 171.9 | 159.7 | 7.6% |
* Total liabilities excluding net bank debt
Key Highlights
Substantial reduction in net bank debt
New three-year banking facilities secured with Barclays on improved commercial terms
Track Record of Value Creation
Financial Review & Land Bank
NAV Per Share + Total Shareholder Return Since IPO200
150
Pence
100
50
0
NAV per share Total Shareholder Return
Since IPO total NAV has been grown from £57.4m to £171.9m
Compound annual NAV per share growth rate of 15% since listing in October 2017
Total dividends paid of £24.0m
Substantial High-Value Land Bank
Financial Review & Land Bank
Land BankQuality land bank of 7,305 owned and contracted
plots
4,362 plots across 62 sites in the North
Focus on North of Scotland where Springfield has significant land bank in close proximity to key work areas and existing infrastructure
Strategic Land BankStrategic land bank of 6,293 plots under option
4,652 plots located in the North of Scotland
Over c.5,000 additional plots being
promoted following recent Call for Sites
24,000 homes sought by The Highland Council
through their Call for Sites
No. | % with planning* | GDV | |
As at | 30 November 2025 | ||
Owned plots | 3,865 | 75% | £1.0bn |
Contracted plots | 3,440 | 50% | £0.9bn |
TOTAL | 7,305 | 63% | £1.9bn |
As at | 31 May 2025 | ||
Owned plots | 3,912 | 72% | £1.0bn |
Contracted plots | 3,367 | 58% | £0.8bn |
TOTAL | 7,279 | 66% | £1.8bn |
* Includes detailed and outline planning
'Call for Sites' outcome: over 10,000 potential plots for Springfield -
September 2025
Operational Review
Tulloch Homes
The Maples, Inverness
Private Housing
H1 2026 Update
Completions as expected, with the reduction reflecting market
conditions and strategic refocus on the North of Scotland
Selling prices remained resilient across Springfield Group brands
Consumer confidence has begun to improve, post period, following
the publication of the UK Budget
Sustained focus on customer service:
Maintained excellent customer satisfaction rating of 97% (H1
2025: 97%)
Operational
Springfield Group Private Homes
Energy efficient, high-quality homes with a generous
specification as standard Focus on choices for customers
Larger homes with flexible space and generous private
gardens
Attractive developments with plenty of greenspace and in
desirable locations
Review
Springfield Properties, Elgin South, Moray
Walker Group, Monarchs Walk, West Calder
Tulloch Homes, Spey Green, Newtonmore
Affordable Housing
H1 2026 Update
Delivered an increase in revenue and completions in line
with expectations
Continued to secure new contracts for delivery in H2 and
beyond
Scottish Government has made a multi-year commitment to invest £4.9bn over four years to deliver c.36,000 affordable homes by 2029-30
The move from annualised budgets prioritises housing investment and gives affordable housing partners the confidence to plan ahead
Record level of annual investment of £926m for Apr-
2026-Mar-2027
Operational
Springfield Affordable Housing
Quality housing delivered in partnership with local authorities,
housing associations or other public bodies
Develop standalone affordable sites as well as under Section 75
agreements (equivalent to Section 106 in England)
Strong reputation and trusted partner - established partner
network - with over 25 years of delivery
Provides strong cash flow dynamics with high visibility and low
capital exposure
Chronic undersupply of affordable housing across Scotland
Review
CEO Innes Smith with First Minister John Swinney
Affordable Homes in Bertha Park Affordable Homes at Aberlour
Strong Fundamentals in Scottish Housing Market
Operational
Review
The scale of demand for new homes continues to underpin the fundamentals of the businessScottish Government taking action to address housing emergency
Average house price | Annual growth | |
Scotland | £193k | 4.5% |
UK | £271k | 2.2% |
Springfield | £344k | 9.9% |
National Housing Agency to be created to boost homebuilding at scale
Record levels of investment in affordable housing confirmed at £926m
Stimulating PRS investment through legislative BTR rent cap exemptions
UK Budget in November and reduction in interest rates in December
2025 expected to lead to continued increase in consumer confidence
Positive indicators for Scotland
Greater affordability with low house price to annual income ratios
Zoopla predicting the best prospects in the UK for house price growth
Source for Scotland and UK: ONS for November 2025
Springfield data: private housing for the six-month period to 30 November 2025
Mortgage lenders competing for new build customers
High loan to value products available to accommodate
projected growth
Average 2-year and 5-year fixed rates below 45 - lowest
levels in years
Unprecedented level of economic growth occurring in the
North of Scotland
Councils have begun engaging on new-style Local
Development Plans
Highland first to set target - doubling current housing output and identifying 'Masterplan Consent Areas' to allocate new sites quickly
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
House price to earnings ratio0.0
UK Average
London Outer
Met
Outer SE S West E Anglia W Mids E Mids N Ireland N West Wales Yorks & H Scotland North
Source: Nationwide 'Affordability indicators: All buyers house price to earnings ratios by region' 2025
Commitment to Environment & People
Across the Springfield Group, we are proud of our work to:
Our Annual ESG update with highlights from this year to be published in September
Operational
Review
Conclusion
Conclusion
Executing on Strategy |
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Strengthened Balance Sheet |
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Continued Underlying Growth |
contracted |
Underpinned by Valuable Land Bank |
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Delivering Shareholder Value |
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