Scottish housebuilder Springfield Properties plc (SPR.L) reported Monday that its first-half profit before tax surged 192 percent to 3.5 million pounds from 1.17 million pounds a year ago.
Earnings per share climbed to 2.17 pence from 0.97 pence in the prior year.
Adjusted profit before tax was 3.8 million pounds, compared to 2 million pounds last year. Adjusted basic earnings per share were 2.46 pence, compared to 1.59 pence in the previous year.
Revenue for the period, meanwhile, dropped 13 percent to 105.64 million pounds from 121.69 million pounds a year ago.
Total completions were 361 units, down from prior year's 432 units, and were in line with management expectations, reflecting market conditions.
Innes Smith, Chief Executive Officer of Springfield Properties, said, "Trading for the first half of the year was in line with our expectations. The strategic action taken in the previous year to reduce our debt, along with sustained cost control in the period and further profitable land sales, delivered a substantial reduction in our net bank debt compared with the prior year. We also significantly improved our gross margin and achieved a strong increase in profit."
Further, the company said its Board has not declared an interim dividend, and remains committed to declaring a final dividend for fiscal 2025.
Looking ahead, for fiscal 2025, Springfield anticipates reporting profit that significantly exceeds market expectations.
The firm said it continues to navigate through challenging macro conditions and position itself to deliver positive momentum in H2 2025 and beyond.
The Group expects to achieve a net cash position, with no bank debt, by the end of fiscal 2027.
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