REG - Springfield Props. - Springfield signs £6m affordable housing contract

Springfield PropertiesAnnouncement

06/11/2023 07:00

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RNS Number : 4170S  Springfield Properties PLC  06 November 2023

6 November 2023

 

Springfield Properties plc

("Springfield", the "Company", the "Group" or the "Springfield Group")

 

Springfield signs £6m affordable housing contract

 

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland
focused on delivering private and affordable housing, announces that it has
signed a new affordable housing contract, worth £6.1m, with The Highland
Council. The design and build phase of the contract is due to commence in the
coming weeks and be delivered over a period of approximately 18 months, with
the Group receiving payment on a monthly basis.

 

The Group has an excellent track record of affordable housing delivery
spanning over two decades.  It has established relationships with housing
associations, local authorities and other public bodies throughout Scotland.
As noted in the Group's FY 2023 results announcement, the Group recommenced
engaging with affordable housing providers following an increase in the
Scottish Government's affordable housing investment benchmarks in June, which
has made affordable housing projects more attractive. The Group is well-placed
to benefit from a return in this market, which is supported by strong
fundamentals, including a Scottish Government target to deliver 110,000 new
affordable homes by 2032.

 

Innes Smith, CEO of Springfield, said: "We are pleased to have been awarded
this affordable housing contract by The Highland Council, a long-standing
partner of the Group. We continue to be encouraged by the interest we are
receiving from local housing authorities and other affordable housing
providers as they seek to meet the Scottish Government's targets and help meet
recognised housing needs across the country. Since 31 May, we have signed
affordable housing contracts totaling c.£24m and we expect to be awarded
further contracts in the near term."

 

 

Enquiries:

 

 Springfield Properties
 Sandy Adam, Chairman                     +44 1343 552550

 Innes Smith, Chief Executive Officer

 Iain Logan, Chief Financial Officer

 Singer Capital Markets
 Shaun Dobson, James Moat, Oliver Platts  +44 20 7496 3000

 Gracechurch Group
 Harry Chathli, Claire Norbury            +44 20 4582 3500

 

Analyst Research

 

Equity Development and Progressive Equity produce freely available research on
Springfield Properties plc, including financial forecasts. This is available
to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
(https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports)

 

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