Springfield Properties eyes interim dividend following strong start to trading year

AIM-listed house builder Springfield Properties has seen continued good progress in the first half of its trading year and now expects revenue and profit growth to be in line with management expectations.

Springfield said it had entered the new financial year with a "strong and established pipeline" after experiencing sustained demand for more homes in Scotland's affordable and social housing sector.

During the first six months of its trading year, Springfield saw "good progress" with completions and revenue in its private housing and affordable divisions increasing year-on-year, with private housing continuing to account for the majority of its revenues.

Springfield also progressed the development of existing sites, receiving planning consent on two private housing sites and two affordable sites, and continued to advance the development of the villages and highlighted its acquisition of Dawn Homes at the end of the previous financial year for significantly expanding its land bank.

The group now intends to declare an interim dividend.

Chief executive Innes Smith, said: "We are pleased to report sustained revenue growth across all of our business units and good progress with existing sites as well as securing new sites."

As of 1520 GMT, Springfield shares had climbed 4.81% to 109p.