**Summary of Springfield Properties PLC Interim Results for H1 2026 (Period Ended 30 November 2025)**
**Financial Highlights**
**Revenue Growth** Revenue increased by 2% to £108.0 million (H1 2025: £105.6 million), driven by strong growth in affordable housing (+26%) and land sales (+92%), offsetting declines in private housing (-9%) and contract housing (-40%).
**Profit Before Tax** Increased by 6% to £3.7 million (H1 2025: £3.5 million), with adjusted profit before tax up 8% to £4.1 million.
**Net Bank Debt** Reduced significantly by 37% to £39.6 million (H1 2025: £62.9 million), reflecting strategic debt reduction efforts.
**Earnings Per Share (EPS)** Basic EPS rose by 5% to 2.39p (H1 2025: 2.27p), with adjusted basic EPS up 6% to 2.61p.
**Operational Highlights**
**Total Completions** 316 homes completed (H1 2025: 361), reflecting market conditions and strategic focus on the North of Scotland.
**Affordable Housing** Strong performance with almost all FY 2026 forecast revenue already delivered or contracted.
**Land Bank** Large, high-quality land bank of 7,305 owned and contracted plots, with 63% having planning permission. Includes 4,362 plots in the North of Scotland, demonstrating a strong regional position.
**SSEN Transmission Agreement** Post-period, signed an initial agreement to deliver nearly 300 homes in the North of Scotland as part of SSEN Transmissions infrastructure upgrade program.
**Strategic Developments**
**North of Scotland Focus** Progress in implementing a new strategy to capitalize on substantial opportunities in the North of Scotland, driven by energy infrastructure and renewable development.
**Customer Satisfaction** Maintained high customer satisfaction at 97%, with 100% compliance in on-site audits under the New Homes Quality Code.
**Outlook**
**Full-Year Expectations** On track to deliver results in line with market expectations, with underlying growth expected when excluding exceptional land sales contributions from FY 2025.
**Market Conditions** Improved consumer confidence post-UK Budget and interest rate cuts are expected to boost homebuying.
**Affordable Housing** Confident of achieving revenue growth in affordable housing for FY 2026.
**North of Scotland Opportunities** Excited about significant prospects in the region, with further agreements expected with infrastructure providers.
**Conclusion**
Springfield Properties PLC delivered solid interim results, with increased profits, reduced debt, and strategic progress in the North of Scotland. The company remains confident in its full-year outlook and is well-positioned to capitalize on regional opportunities, supported by a strong land bank and improving market conditions.
| Metric | H1 2026 (£m) | H1 2025 (£m) | Change |
|---|---|---|---|
| Revenue | 108.0 | 105.6 | 2% |
| Private housing revenue | 65.4 | 72.1 | (9%) |
| Affordable housing revenue | 25.8 | 20.4 | 26% |
| Contract housing revenue | 3.6 | 6.0 | (40%) |
| Land sales | 9.8 | 5.1 | 92% |
| Other revenue | 3.4 | 2.0 | 70% |
| Gross margin (%) | 15.8% | 17.7% | (190)bps |
| Operating profit | 5.3 | 6.1 | (13%) |
| Profit before tax | 3.7 | 3.5 | 6% |
| Net bank debt | 39.6 | 62.9 | (37%) |
Debt Comparison
| Metric | 30 Nov 2025 (£m) | 30 Nov 2024 (£m) | 31 May 2025 (£m) | Change (YoY) |
|---|---|---|---|---|
| Net bank debt | 39.6 | 62.9 | 20.9 | (37%) |
| Bank borrowings - loans | 49.884 | 72.262 | 29.931 | (31%) |
| Bank borrowings - overdraft | 0.359 | 0 | 0.351 | N/A |
| Lease liabilities | 5.119 | 5.178 | 5.511 | (1%) |
| Deferred consideration | 21.651 | 22.285 | 21.960 | (3%) |