Springfield Properties PLC Progressive publishes new research
December 01 2021 - 2:25AM
RNS Non-Regulatory
TIDMSPR
Springfield Properties PLC
01 December 2021
Earnings - enhancing deal lifts Highlands growth
Scotland's only quoted housebuilder, Springfield Properties, has acquired Highlands developer,
Tulloch Homes, for an enterprise value of GBP56.4m - a premium of only 6% over pro-forma NAV.
The group states that it will be earnings enhancing in the current financial year, and significantly
so in FY2023E. We have upgraded our estimates accordingly. Tulloch strengthens Springfield's
presence in the economically vibrant region around Inverness. The consideration is to be part-funded
by a GBP22m placing, with a GBP13m deferred element effectively funded by Tulloch's strong
cashflow.
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