Springfield Properties PLC Progressive publishes new research
September 29 2020 - 4:14AM
RNS Non-Regulatory
TIDMSPR
Springfield Properties PLC
29 September 2020
Sales and cashflow rebound as lockdown lifts
Scotland's only quoted housebuilder's home completions and cashflow have recovered sharply
from the country's prolonged lockdown, with delayed sales fuelling what the Group predicts
will be a strong first half to the current financial year. Today's FY 2020 results, to May,
show the impact of the lockdown in the final two months, which normally account for almost
a third of sales, but confirm that delayed sales are expected to add to strong underlying
demand in H1 2021, with debt having fallen by over GBP25m in four months and a 2p final dividend
proposed. Our reinstated forecasts assume PBT surpassing the previous record by FY2022E and
debt continuing to fall.
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