Sharecast News
06 Feb, 2024 11:10 06 Feb, 2024 11:10

Springfield Properties inks £15.3m contract with Highland Housing Alliance

dl house construction
Tdorante10 via Wikimedia Commons

Scottish housebuilder Springfield Properties has signed a new contract with Highland Housing Alliance for the delivery of affordable housing.

The contract, worth a total of £15.3m, includes an initial bulk sale of housing, followed by a design and build aspect.

Springfield will receive £4.1m for a bulk sale of housing, which was scheduled to complete during the current financial year, while the design and build phase, worth £11.2m, was due to commence "in the coming weeks", with the majority of the revenue to be recognised in the group's next financial year.

Chief executive Innes Smith said: "Since reengaging with affordable housing providers, we have been greatly encouraged by the interest that we are receiving. Within the last eight months, we have signed contracts worth circa £40.0m with local housing authorities and other affordable housing providers.

"Alongside the design and build contract, we are pleased to have this opportunity to deliver a bulk sale that will support our overall sales rates as well as our focus on maximising cash generation."

As of 1110 GMT, Springfield shares were up 5.10% at 82.50p.

Reporting by Iain Gilbert at Sharecast.com


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.