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Springfield back in the black

Sandy Adam, chairman of Springfield Properties
Sandy Adam, chairman of Springfield Properties

Springfield Properties enjoyed a return to the black during the year to May 31, 2016.

The Elgin-based housebuilder said yesterday it achieved record pre-tax profits of £5.1million during the period, compared with losses of £476,321 a year earlier.

Turnover rose 8% to £91million, from £84million previously, with sales rising 4% to 495 new homes.

The company, whose founder and main shareholder is Moray entrepreneur Sandy Adam, said the improved figures were driven by its “distinctive market proposition”.

Managing director Innes Smith added: “Our success this year bodes well for future profit growth, which will be sustained as more new sites come out of planning and into production.

“Next year, we will begin building on a 3,500-home village in Perth, a 750-home development in Dundee and a 2,000-home village in Elgin.

“We are progressing planning for a 2,500-home village near Stirling and a further 800-home development at the Wisp, Edinburgh.”

Mr Smith said the company expected turnover to hit £100million next year.

Springfield directly employs 450 people across Scotland, with a total of more than 1,000 working on its projects around the country every day.

The company, which has been named Scottish housebuilder of the year three times, has offices in Elgin and Larbert, near Falkirk, and is now building more than 500 houses a year.

Its 2014/15 figures were impacted by the firm spending cash promoting newly-developed sites and correcting estimates made in prior years.

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