Interim Results

Springfield Properties PLC

17 February 2026

 

17 February 2026                                                                                                                                 

Springfield Properties plc

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

Interim Results

Springfield Properties (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, announces its interim results for the six months ended 30 November 2025.

Financial Highlights

	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
Administrative expenses*	11.6	12.4	(6)%
Operating profit	5.3	6.1	(13)%
Adj. operating profit*	5.6	6.4	(13)%
Profit before tax	3.7	3.5	6%
Adj. profit before tax*	4.1	3.8	8%
Basic EPS (p)	2.39p	2.27p	5%
Adj. basic EPS* (p)	2.61p	2.46p	6%
Net bank debt	39.6	62.9	(37)%

 * Adjusted to exclude exceptional costs of £0.3m (H1 2025: £0.3m) (See the Financial Review for further detail)

·    Solid results, with an increase in profit before tax and substantial reduction in net bank debt compared with the same point in the previous year, give the Board confidence in delivering results for the full year in line with market expectations and to continue with the Group's dividend policy

Operational Highlights

·    Initial agreement signed, post period, with Scottish Hydro Electric Transmission plc (t/a "SSEN Transmission") to commence the delivery of almost 300 homes in the North of Scotland as part of SSEN Transmission's investment programme to upgrade the national electricity transmission grid

·    Total completions of 316 (H1 2025: 361)

·    On track to deliver revenue growth in private housing for the full year based on orderbook and usual seasonality

·    Strong performance in affordable housing with almost all of FY 2026 forecast revenue for affordable housing already delivered or contracted

·    Large, high-quality land bank of 7,305 owned and contracted plots, 63% of which have planning permission, and 6,293 strategic plots

o  Includes 4,362 owned and contracted plots and 4,652 strategic plots in the North of Scotland in close proximity to key work areas, demonstrating the Group's strong position in the region

Innes Smith, Chief Executive Officer of Springfield Properties, said: "We are pleased to have performed in line with our expectations for the first half, with an increase in profit and a significant reduction in bank debt compared with the same time last year. We also achieved an important strategic milestone with the signing, post period, of our first agreement to provide housing to support the delivery of crucial infrastructure upgrades across the North of Scotland. We are continuing to discuss further projects with infrastructure providers, and we remain very excited about the substantial opportunities in the region.

"Looking to the full year, we continue to expect to deliver underlying growth when excluding the exceptional contribution of land sales to FY 2025. We are hopeful that an increase in consumer confidence following the publication of the UK Budget, along with interest rate cuts, will provide a boost to homebuying. We are continuing to perform well in affordable housing, with almost all of our FY 2026 forecast revenue already delivered or contracted. Accordingly, we remain on track to deliver results for the full year in line with market expectations and look forward to reporting on our progress."

Enquiries

Springfield Properties
Sandy Adam, Chairman Innes Smith, Chief Executive Officer Iain Logan, Chief Financial Officer	[phone]
Cavendish Capital Markets Limited
Neil McDonald Peter Lynch	[phone] [phone]
Gracechurch Group
Harry Chathli Claire Norbury	[phone]

Analyst Research

Equity Development produces 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

Analyst Presentation

Innes Smith, CEO, and Iain Logan, CFO, will be hosting a presentation for analysts at 9.00am GMT today at the offices of Cavendish, 1 Bartholomew Close, London, EC1A 7BL. To register to attend, please contact: [e-mail]

Results Investor Webinar

Management will be presenting to shareholders, via a webinar hosted by Equity Development, at 9.00am GMT on Wednesday 18 February 2026. Investors can register their attendance for the webinar here:  

https://www.equitydevelopment.co.uk/news-and-events/springfield-properties-interim-results-investor-presentation-18-february-2026

Operational Review

Springfield achieved an increase in revenue to £108.0m (H1 2025: £105.6m) as strong growth in affordable housing and land sales offset the expected reduction in private housing. Total completions were 316 (H1 2025: 361), which reflects the impact of market conditions on private housing and the Group's strategic refocus on future opportunities in the North of Scotland. The Group is pleased to note that there has been improvement in consumer confidence since the period end and, alongside usual seasonality and a very strong orderbook in affordable housing, Springfield remains on track to deliver higher revenue in the second half of the year. In addition, the Group made excellent progress during the period in implementing its new strategy to capitalise on the substantial opportunities in the North of Scotland, which are being driven by the requirement for housing to support the delivery of the incoming energy security infrastructure and renewable development.

Agreement with SSEN Transmission

During the first half of the year, the Group advanced its discussions with infrastructure providers for Springfield to satisfy their housing requirements in the North of Scotland. This culminated in the Group signing, post period, an initial agreement with SSEN Transmission towards delivering 293 homes at six sites across the Highlands, Moray and Aberdeenshire.

Under the initial agreement, the Group will provide the enabling works to prepare selected sites for the main construction and will receive payment from SSEN Transmission to fund these site-opening costs. It is intended that the parties will, in the near term, enter a further agreement for the build and lease of the housing. It is expected that homes will be delivered by Springfield on a phased basis over the next three years and will be leased for an initial four-year period. The homes will accommodate workers involved in SSEN Transmission's energy upgrade projects that will contribute to providing the UK with energy security.

At the conclusion of the lease period, the Group will have multiple attractive options, including making the housing available for private housing sales or sales to private rented sector providers as well as sales to affordable housing providers to secure a lasting legacy for the communities. 

The Group is continuing to discuss further agreements with major infrastructure providers to deliver new housing on a similar basis to support the upgrade of crucial energy infrastructure in the North of Scotland.  

Land Bank

As at 30 November 2025, the Group had a total of 3,865 owned plots (31 May 2025: 3,912), of which 75% had planning permission (31 May 2025: 72%), and 3,440 contracted plots (31 May 2025: 3,367), of which 50% had planning permission (31 May 2025: 58%). This includes 4,362 owned and contracted plots (31 May 2025: 4,030) across 62 sites (31 May 2025: 50) in the North of Scotland.

In addition, Springfield has established a significant strategic land bank with options over 6,293 plots as at 30 November 2025, of which 4,652 plots are in the North of Scotland. In FY 2025, the Group submitted land for consideration in response to the Highland Council's call for new sites to be allocated for housing development in their forthcoming Local Development Plan. The Group is continuing to strengthen its position in the North of Scotland by increasingly securing options over this land.

The total owned and contracted land bank equated to nine years of activity and had a gross development value at 30 November 2025 of £1.9bn (31 May 2025: £1.8bn).

At period-end, the Group was active on 44 developments (31 May 2025: 40) and during the period seven developments were completed and 11 new developments became active.

During the period, the Group completed profitable land sales of £9.8m (H1 2025: £5.1m). This primarily represents the sale of the final site under the Group's agreement with Barratt Redrow plc ("Barratt") that was entered in FY 2025. Springfield continues to make selective land sales and interest in its large, high-quality land bank remains strong.

Private Housing

In private housing, prices remained resilient across with Group's brands with an increase in average selling price ("ASP") to £344k (H1 2025: £313k) due to housing mix. This served to partly mitigate the reduction, as expected, in completions to 190 (H1 2025: 230). The reservation rate was slightly lower than the first half of the prior year due to a lengthening of the sales cycle in line with the wider housebuilding industry. This led to increased time and cost to complete sites, which impacted gross margin in private housing during the period. 

The Group is pleased to note that, following the publication of the UK Budget at the end of November 2025 and with the announced measures being less severe than had been widely predicted, consumer confidence has begun to improve. As a result, and along with normal seasonality, the Group continues to expect to deliver higher revenue in the second half of the year, and an increase in revenue for FY 2026 compared with FY 2025.

As at 30 November 2025, Springfield was active on 27 private housing developments (31 May 2025: 25), with five active developments added during the period and three developments completed. In total, as at 30 November 2025, the owned private housing land bank consisted of 2,570 plots (31 May 2025: 2,598 plots), of which 71% had planning permission (31 May 2025: 68%).

Affordable Housing

The Group performed well in affordable housing, with growth in the number of completions to 113 (H1 2025: 95). The ASP in affordable housing increased to £228k (H1 2025: £215k). The Group has continued to secure new contracts and now has almost all of forecast FY 2026 revenue for its affordable housing activity delivered or contracted. Accordingly, the Board remains confident of achieving revenue growth in affordable housing for the full year.

The number of active affordable housing developments was 16 at 30 November 2025 (31 May 2025: 14), with six active developments added and four active developments completed during the period. As at 30 November 2025, the total owned affordable housing land bank consisted of 1,295 plots (31 May 2025: 1,314), of which 83% had planning permission (31 May 2025: 82%).

Contract Housing

In contract housing, Springfield provides development services to third party private organisations and receives revenue based on costs incurred plus fixed markup. To date, this has largely consisted of services provided to Bertha Park. At 30 November 2025, the contract housing land bank with planning consent consisted of 487 plots (31 May 2025: 500). The 13 homes completed during the period (H1 2025: 36) were private homes at Bertha Park (H1 2025: 19 private homes and 17 affordable homes completed at Bertha Park).

Financial Review

Revenue	H1 2026 £'000	H1 2025 £'000	Change
Private housing	65,373	72,068	(9.3)%
Affordable housing	25,800	20,431	26.3%
Contract housing	3,618	6,012	(39.8)%
Land sales	9,823	5,065	93.9%
Other	3,375	2,064	63.5%
TOTAL	107,989	105,640	2.2%

For the six months ended 30 November 2025, revenue increased to £108.0m (H1 2025: £105.6m). Private housing remained the largest contributor to Group revenue, accounting for 60.5% of total sales (H1 2025: 68.2%). Affordable housing contributed 23.9% (H1 2025: 19.3%) and contract housing accounted for 3.4% (H1 2025: 5.7%). Land sales accounted for 9.1% (H1 2025: 4.8%) and other revenue for 3.1% (H1 2025: 2.0%).

Gross margin was 15.8% (H1 2025: 17.7%). This primarily reflects a reduction in gross margin in private housing, which was impacted by the lengthening of the sales cycle and time to complete sites, and the exceptional gross margin of the land sales in the first half of the prior year. As a result, gross profit for the period was £17.1m (H1 2025: £18.7m).

Administrative expenses, excluding exceptional items, were reduced to £11.6m (H1 2025: £12.4m) and accounted for 10.7% of revenue (H1 2025: 11.7%). This reflects a continued focus on carefully managing costs across the Group and restructuring in line with the Group's new strategy.

Exceptional items were £0.3m (H1 2025: £0.3m), which mainly relates to restructuring costs.

Operating profit was £5.3m (H1 2025: £6.1m) and, excluding exceptional items, it was £5.6m (H1 2025: £6.4m). The reduction was due to the lower gross profit.

Net finance costs were reduced to £1.6m (H1 2025: £2.6m) as a result of lower bank interest payments primarily due to the significant reduction in bank debt, but also lower interest rates.

Statutory profit before tax increased to £3.7m (H1 2025: £3.5m) and adjusted profit before tax and exceptional items to £4.1m (H1 2025: £3.8m). This reflects the reduction in operating profit being offset by the lower net finance costs.

Basic earnings per share (excluding exceptional items) increased to 2.61 pence (H1 2025: 2.46 pence). Statutory basic earnings per share increased to 2.39 pence (H1 2025: 2.27 pence).

Net bank debt at 30 November 2025 was £39.6m (31 May 2025: £20.9m; 30 November 2024: £62.9m). The increase over the six-month period reflects the normal seasonality of the working capital cycle. The reduction compared with same point of the prior year is due the strategic actions undertaken in FY 2025 to reduce the Group's debt.

Springfield secured a new  revolving credit facility ("RCF") for three years until August 2028 with a facility limit of £77.5m reducing in 12 months to £47.5m alongside an overdraft facility of £2.5m for 12 months until August 2026. The reducing facility levels align with the strategy of reducing bank debt whilst still providing the Group with headroom to capitalise on opportunities that arise.

Customer Satisfaction

The Group achieved an excellent customer satisfaction score of 97% from customers surveyed during the first half of the year - maintaining the high performance of the same period of the prior year (H1 2025: 97%). The Group continued to deliver a quality service for customers under the principles of the New Homes Quality Code (the "Code"), resulting in another 100% scoring in an on-site audit. The Group has been preparing for the launch of the new version of the Code in March 2026, including the rollout of training for all customer facing employees post period. During the period, the Group was successfully re-certified for ISO 9001 (Quality Management).

Environment and People - ESG

The Group's new strategy for housing delivery in the North of Scotland will contribute to the plans for the decarbonisation of the nation, helping to ensure future UK energy security. More new homes are required to accommodate the growing renewables workforce and ensure people can move into the Highlands, Moray and Aberdeenshire to deliver this change.

The Group's homes are designed to support sustainable living. They are energy efficient with high levels of insulation and heating powered by air-source technology. The Group is also proud to have manufactured timber kits for its homes off-site for decades. This approach enhances efficiency, consistency and quality across its developments.

The new strategy has reinforced the Group's commitment to skills development as it prepares for the anticipated growth in the North of Scotland. Springfield is collaborating with skills agencies to attract new people into the region and increase training opportunities to maximise home-grown talent. Twenty-five new apprentices were recruited across the Group between June-September 2025.

Alongside attracting new talent, a continued priority for the Group is fostering employee wellbeing. Investment in development has continued with over 5% of staff undertaking formal qualifications as at period end. A variety of benefits are in place to retain talent, including initiatives such as gym membership, private healthcare and employee assistance schemes.

During the period, the Group recertified in ISO 4001 (Environmental System) and ISO 45001 (Occupational Health & Safety Management System).

Markets

The scale of demand for new homes continues to underpin the fundamentals of the Group's business. Across Scotland, housing need is at an all-time high, acknowledged by the Scottish Government with a declaration of a housing emergency in 2024 and the announcement, in January 2026, of plans to create a national housing agency to help boost homebuilding in Scotland. A record level of investment of £926m has been committed for affordable housing supply for the Scottish Government financial year commencing in April 2026. This is to help deliver on the long-standing commitment to provide 110,000 affordable homes by 2032. Measures have also been taken to move forward with a legislative exemption for any rent caps introduced in local markets for Build to Rent homes, which is expected to reestablish a supportive climate for investment into Private Rented Sector housing supply in Scotland. 

While lower levels of confidence in the economy has subdued the UK's private housing market in recent years, the reduced construction by the industry continues to compound housing need and demand. The levels of certainty provided by the UK Budget announcement in November 2025 and the subsequent reduction in interest rates in December have had a positive impact on consumer confidence.

There continues to be greater affordability in Scotland compared with the UK as a whole based on the ratio of average house price to annual income. Indicators in Scotland remain positive with Zoopla predicting, in January 2026, that the best prospects in the UK for house price growth and sales in 2026 are in Scotland.

The mortgage lending community is keen to support buyers of energy-efficient, new-build homes and changes to mortgage regulation to ease accessibility together with a competitive product range from lenders will help service the demand. Aspirations for the type of homes that the Group offers remain high. The Group builds quality, spacious, energy-efficient homes in highly-desirable areas with generous private gardens and plenty of surrounding greenspace.

The unprecedented level of economic growth occurring in the North of Scotland is presenting unique opportunities for the Group. Job creation and the resultant inward migration will increase the need for new homes. To accommodate the projected growth, Local Authorities have begun engaging on new-style Local Development Plans with The Highland Council being the first to set a target by committing to double current housing output by delivering 24,000 new homes in the next decade.

Outlook

The Group continues to expect to achieve growth for FY 2026 when excluding the exceptional contribution from the land sales to Barratt, in line with market expectations. This reflects a year-on-year increase in revenue in both private and affordable housing. In private housing, with consumer confidence having improved since period end as well as usual seasonality, the Group remains confident in delivering higher revenue in the second half compared with the first half of the year and year-on-year growth. In affordable housing, almost all of forecast FY 2026 revenue is already delivered or contracted.

Looking further ahead, Springfield remains very excited about the significant prospects in the North of Scotland. The signing of its first agreement, post period, with SSEN Transmission marks an important milestone towards capitalising on the substantial opportunities in the region. The build and multi-year lease of housing would allow the Group to receive regular income over the course of the lease as well as having further options for monetisation at its conclusion. This represents an excellent opportunity for Springfield that will allow the Group to maximise the value of its land holdings in this area of high demand.

Accordingly, the Board continues to look to the future with great confidence.

COnsolidated PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 30 november 2025

		Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	Note	£000		£000		£000
Revenue	4	107,989		105,640		280,557
Cost of sales		(90,929)		(86,902)		(228,435)
Gross profit	4	17,060		18,738		52,122
Administrative expenses before exceptional items		(11,559)		(12,437)		(27,609)
Exceptional items	5	(350)		(307)		(1,032)
Total administrative expenses		(11,909)		(12,744)		(28,641)
Other operating income		109		122		711
Operating profit		5,260		6,116		24,192
Finance income		406		67		361
Finance costs		(1,964)		(2,655)		(5,534)
Profit before taxation		3,702		3,528		19,019
Taxation	6	(860)		(832)		(4,923)
Profit for the period and total comprehensive income	4	2,842		2,696		14,096
Profit for the period and total comprehensive income is attributable to:
-     Owners of the parent company		2,842		2,696		14,096
Earnings per share
Basic earnings per share	7	2.39p		2.27p		11.86p
Diluted earnings per share	7	2.26p		2.17p		11.28p

The Group has no items of other comprehensive income.

The accompanying notes form an integral part of these financial statements.

COnsolidated BALANCE SHEET

as at 30 november 2025

		Unaudited 30 November 2025		Unaudited 30 November 2024		Audited 31 May 2025
Non-current assets	Note	£000		£000		£000
Property, plant and equipment		6,391		6,659		6,783
Intangible assets		5,306		5,565		5,435
Deferred taxation		1,852		1,787		1,852
Trade and other receivables		11,287		5,000		11,191
		24,836		19,011		25,261
Current assets
Inventories		236,469		260,368		223,892
Trade and other receivables		45,445		29,227		41,096
Cash and cash equivalents		10,691		9,409		9,388
		292,605		299,004		274,376
Total assets		317,441		318,015		299,637
Current liabilities
Trade and other payables		58,429		48,635		55,735
Short-term bank borrowings		359		72,262		30,282
Deferred consideration	10	14,401		7,404		7,469
Short-term obligations under lease liabilities		1,251		1,317		1,351
Provisions	12	1,607		1,390		1,871
Corporation tax		937		775		2,752
		76,984		131,783		99,460
Non-current liabilities
Trade and other payables		-		-		1,550
Long-term bank borrowings		49,884		-		-
Long-term obligations under lease liabilities		3,868		3,861		4,160
Deferred taxation		2,192		2,932		2,866
Deferred consideration	10	7,250		14,881		14,491
Contingent consideration	11	2,000		2,000		2,000
Provisions	12	3,329		2,894		3,855
		68,523		26,568		28,922
Total liabilities		145,507		158,351		128,382
Net assets		171,934		159,664		171,255
Equity
Share capital	9	149		148		149
Share premium	9	78,744		78,744		78,744
Retained earnings		93,041		80,772		92,362
Equity attributable to owners of the parent company		171,934		159,664		171,255

The accompanying notes form an integral part of these financial statements.

consolidated Statement of Changes in Equity

FOR THE period ENDED 30 november 2025

		Share  capital		Share premium		Retained earnings		Total
	Note	£000		£000		£000		£000
1 June 2024		148		78,744		79,315		158,207
Total comprehensive income for the period		-		-		2,696		2,696
Share-based payments		-		-		(51)		(51)
Dividends		-		-		(1,188)		(1,188)
30 November 2024		148		78,744		80,772		159,664
Issue of shares		1		-		-		1
Total comprehensive income for the period		-		-		11,400		11,400
Share-based payments		-		-		190		190
31 May 2025		149		78,744		92,362		171,255
Total comprehensive income for the period		-		-		2,842		2,842
Share-based payments		-		-		218		218
Dividends	8	-		-		(2,381)		(2,381)
30 November 2025		149		78,744		93,041		171,934

The share capital accounts record the nominal value of shares issued.

The share premium account records the amount above the nominal value for shares issued, less share issue costs.

Retained earnings represents accumulated profits less losses and distributions. Retained earnings also includes share-based payments.

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Cash Flows

FOR THE period ENDED 30 november 2025

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to             31 May 2025
Cash flows generated from operations	£000		£000		£000
Profit for the period	2,842		2,696		14,096
Adjusted for:
Exceptional items	350		307		1,032
Taxation charged	860		832		4,923
Finance costs	1,964		2,655		5,534
Finance income	(406)		(67)		(361)
Adjusted operating profit before working capital movement	5,610		6,423		25,224
Exceptional items	(350)		(307)		(1,302)
Gain on disposal of tangible fixed assets	(51)		(147)		(140)
Share-based payments	218		(51)		139
Non-cash movement - discounting	-		-		899
Amortisation of intangible fixed assets	130		133		263
Depreciation of tangible fixed assets	998		1,120		2,135
Operating cash flows before movements in working capital	6,555		7,171		27,488
(Increase)/decrease in inventory	(12,577)		(16,071)		19,511
Increase in trade and other receivables	(4,063)		(2,831)		(20,348)
(Decrease)/increase in trade and other payables	(2,084)		(4,171)		7,089
Net cash (used in)/generated from operations	(12,169)		(15,902)		33,740
Taxation paid	(3,350)		(1,425)		(3,675)
Net cash (outflow)/inflow from operating activities	(15,519)		(17,327)		30,065
Investing activities
Purchase of property, plant and equipment	(166)		(35)		(156)
Proceeds on disposal of property, plant and equipment	74		184		244
Interest received	6		4		140
Net cash (used in)/generated from investing activities	(86)		153		228
Financing activities
Proceeds from bank loans	19,953		17,422		-
Repayment of bank loans	-		-		(24,908)
Deferred consideration paid on acquisition of subsidiary	(309)		(2,177)		(2,857)
Payment of lease liabilities	(1,016)		(1,111)		(2,142)
Dividends paid	-		-		(1,188)
Interest paid	(1,728)		(2,486)		(5,096)
Net cash inflow/(outflow) from financing activities	16,900		11,648		(36,191)
Net increase/(decrease) in cash and cash equivalents	1,295		(5,526)		(5,898)
Cash and cash equivalents at beginning of period	9,037		14,935		14,935
Cash and cash equivalents at end of period	10,332		9,409		9,037

The accompanying notes form an integral part of these financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the period ended 30 november 2025

1.      Organisation and trading activities

Springfield Properties PLC ("the Company") is incorporated and domiciled in Scotland as a public limited company and operates from its registered office in Alexander Fleming House, 8 Southfield Drive, Elgin, IV30 6GR.

The consolidated interim financial statements for the Group for the six-month period ended 30 November 2025 comprise the Company and its subsidiaries and jointly controlled entities (the "Group"). The basis of preparation of the consolidated interim financial statements is set out in Note 2 below.

The financial information for six-month period ended 30 November 2025 is unaudited. It does not constitute statutory financial statements within the meaning of Section 434 of the Companies Act 2006. The consolidated interim financial statements should be read in conjunction with the financial information for the year ended 31 May 2025, which has been prepared in accordance with International Accounting Standards in conformity with the requirements of the UK-adopted international accounting standards. The statutory financial statements for the year ended 31 May 2025 have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

2.      Basis of preparation

The interim financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting and in accordance with UK-adopted international accounting standards.

The interim financial statements have been prepared on a going concern basis and under the historical cost convention, except for contingent consideration.

The preparation of financial information requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These are also disclosed in the 31 May 2025 year-end financial statements and there have not been any changes. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual events may ultimately differ from those estimates.

The interim financial statements do not include all financial risk information and disclosures required in the annual financial statements and they should be read in conjunction with the financial information that is presented in the Group's audited financial statements for the year ended 31 May 2025. There has been no significant change in any risk management polices since the date of the last audited financial statements.

Going concern

The Group's performance in the six months to 30 November 2025 is in line with management expectations and the Group is on track to report results for the year to 31 May 2026 in line with market expectations.

Net bank debt at 30 November 2025 was £39.6m (30 November 2024: £62.9m; 31 May 2025: £20.9m).

The revolving credit facility of £77.5m has an expiry date in August 2028. The Group also has a £2.5m overdraft facility in place until August 2026.The revolving credit facility level of £77.5m will reduce to £47.5m in August 2026 in line with the Group strategy of reducing debt.

The Board-approved budget to 31 May 2026, with a further year added to 31 May 2027, forms the basis of the detail and assessment to confirm the appropriateness of the going concern basis being adopted for the preparation of these consolidated interim financial statements. The Directors are confident that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these interim financial statements.

3.      Accounting policies

The accounting policies used in preparing these interim financial statements are the same as those set out and used in preparing the Group's audited financial statements for the year ended 31 May 2025.

Principal risks and uncertainties

As with any business, Springfield Properties PLC faces a number of risks and uncertainties in the course of its day-to-day operations.

The principal risks and uncertainties facing the Group are outlined within its latest annual financial statements for the year ended 31 May 2025. The Directors have reviewed these risks and uncertainties, which remain relevant for both the six months to 30 November 2025 and the full financial year to 31 May 2026. The Group continues to manage and mitigate these where relevant.

Exceptional items

Exceptional items are those material items which, by virtue of their size or incidence, are presented separately in the consolidated profit and loss account to enable a full understanding of the Group's financial performance. Transactions that may give rise to exceptional items include transactions relating to acquisitions, costs relating to changes in share capital structure and restructuring costs.

4.      Segmental analysis

A segment is a distinguishable component of the Group's activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's chief operational decision makers to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available.

In identifying its operating segments, management generally follows the Group's service lines that represent the main products and services provided by the Group. The Directors believe that the Group operates in one segment:

·      Housing building activity

As the Group operates solely in the United Kingdom, segment reporting by geographical region is not required.

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
Revenue	£000		£000		£000
Private residential properties	65,373		72,068		155,776
Affordable housing	25,800		20,431		49,380
Contracting	3,618		6,012		10,976
Land sales	9,823		5,065		60,507
Other	3,375		2,064		3,918
Total Revenue	107,989		105,640		280,557
Gross Profit	17,060		18,738		52,122
Administrative expenses	(11,559)		(12,437)		(27,609)
Exceptional items	(350)		(307)		(1,032)
Other operating income	109		122		711
Finance income	406		67		361
Finance expense	(1,964)		(2,655)		(5,534)
Profit before tax	3,702		3,528		19,019
Taxation	(860)		(832)		(4,923)
Profit for the period	2,842		2,696		14,096

 

5.      Exceptional items

 

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	£000		£000		£000
Legal fees	119		-		500
Redundancy costs	231		307		532
Exceptional items	350		307		1,032

6.      Taxation

The results for the six months to 30 November 2025 include a tax charge of 23.2% on profit before tax (30 November 2024: 23.6%), representing the best estimate of the average annual effective tax rate expected for the full year, applied to the pre-tax income of the six-month period. The tax charge for the year ended 31 May 2025 was 25.9%.

7.      Earnings per share

The calculation of the basic (and diluted) earnings per share is based on the following data:

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
Earnings	£000		£000		£000
Profit for the period attributable to owners of the company	2,842		2,696		14,096
Adjusted for the impact of tax adjusted exceptional costs in the year	262		230		945
Adjusted earnings	3,104		2,926		15,041

Number of Shares	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
Weighted average number of ordinary shares for the purpose of basic earnings per share	119,042,405		118,753,540		118,839,353
Effect of dilutive potential ordinary shares: share options	6,631,638		5,301,265		6,082,522
Weighted average number of ordinary shares for the purpose of diluted earnings per share	125,674,043		124,054,805		124,921,875

		Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
Earnings per ordinary share
Basic earnings per share	2.39p			2.27p		11.86p
Diluted earnings per share	2.26p			2.17p		11.28p
Adjusted earnings per ordinary share (1)
Basic earnings per share	2.61p			2.46p		12.66p
Diluted earnings per share	2.47p			2.36p		12.04p

(1)  Adjusted earnings is presented as an additional performance measure and is stated before exceptional items and is used in adjusted EPS calculation.

8.      Dividends

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	£000		£000		£000
Final dividend - y/e 31 May 2024	-		1,188		1,188
Final dividend - y/e 31 May 2025	2,381		-		-
	2,381		1,188		1,188

The final dividend declared for the year to 31 May 2025 was 2p per share amounting to £2,380,848. This dividend was declared before 30 November 2025 and is included within current liabilities at 30 November 2025. The dividend was paid in December 2025.

9.      Share capital

The Company has one class of ordinary share which carries full voting rights but no right to fixed income or repayment of capital. The share capital account records the nominal value of shares issued. The share premium account records the amount above the nominal value received for shares sold, less share issue costs.

Ordinary shares of 0.125p - allotted, called up and fully paid	Number of shares		Share capital £000		Share Premium £000
At 1 December 2024	118,830,396		148		78,744
Share issue	212,009		1		-
At 31 May 2025 and 30 November 2025	119,042,405		149		78,744

During the period, nil (30 November 2024: 161,272; 31 May 2025: 373,281) shares were issued in satisfaction of share options exercised for a consideration of £nil (30 November 2024: £202; 31 May 2025: £467).

10.   Deferred consideration

As part of acquiring the business of Mactaggart & Mickel Group Limited, there is a further £30,781,108 of deferred consideration payable. This is payable quarterly in arrears as homes are sold over 5 years, commencing from September 2023. The outstanding discounted amount payable at the period end was £21,651,175 (30 November 2024: £22,284,727; 31 May 2025: £21,960,440).

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	£000		£000		£000
Deferred consideration < 1 year	14,401		7,404		7,469
Deferred consideration > 1 year	7,250		14,881		14,491
	21,651		22,285		21,960

 

11.   Contingent consideration and contingent liabilities

As part of the purchase agreement of Dawn Homes Holdings Limited there is a further £2,500,000 payable for an area of land if (i) the Group makes a planning application when it reasonably believes the council will recommend approval; or (ii) it is zoned by the council. The Directors have assessed the likelihood of the land being zoned and have included provision of £2,000,000 based on 80% probability. The outstanding amount payable at the period end included within Provisions is £2,000,000 (30 November 2024: £2,000,000; 31 May 2025: £2,000,000).

The remaining £500,000 has been treated as a contingent liability due to the uncertainty over the future payment.

Contingent consideration	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	£000		£000		£000
Dawn Homes Holdings Limited	2,000		2,000		2,000
	2,000		2,000		2,000

Contingent liabilities	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024				Audited Year to 31 May 2025
	£000			£000			£000
Dawn Homes Holdings Limited	500			500			500
	500			500			500

 

12.   Provisions

Dilapidation provisions are included for all rented buildings within the Group. Maintenance provisions relate to costs to come on developments where the final homes have been handed over.

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024				Audited Year to 31 May 2025
	£000			£000			£000
Dilapidation provision	115			115			113
Maintenance provision	4,821			4,169			5,613
	4,936			4,284			5,726

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024				Audited Year to 31 May 2025
	£000			£000			£000
Provisions < 1 year	1,607			1,390			1,871
Provisions > 1 year	3,329			2,894			3,855
	4,936			4,284			5,726

13.          Transactions with related parties

Other related parties include transactions with a retirement scheme in which the Directors are beneficiaries, and close family members of key management personnel. During the period, dividends totalling £575k (30 November 2024: £nil; 31 May 2025: £286k) were paid to key management personnel.

During the period, the Group entered into the following transactions with related parties:

Sale of goods	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Bertha Park Limited (1)	3,712		6,131		11,258
Other entities which key management personnel have control, significant influence or hold a material interest in	10		27		64
Key management personnel	5		2		13
Other related parties	-		2		13
	3,727		6,162		11,348

Sales to related parties represent those undertaken in the ordinary course of business.

Purchase of goods	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Entities which key management personnel have control, significant influence or hold a material interest in	11		10		16
Other related parties	1,511		2,506		2,518
	1,522		2,516		2,534

Rent paid to	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Entities which key management personnel have control, significant influence or hold a material interest in	93		93		187
Key management personnel	-		-		-
Other related parties	53		55		103
	146		148		290

Interest received from	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Bertha Park Limited (1)	63		63		125
	63		63		125

The following amounts were outstanding at the reporting end date:

Amounts receivable	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Bertha Park Limited (1)	9,483		9,566		9,394
Entities which key management personnel have control, significant influence or hold a material interest in	5		9		2
Key management personnel	4		1		4
Other related parties	-		-		2
	9,492		9,576		9,402

Amounts payable	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited  Year to 31 May 2025
	£000		£000		£000
Entities which key management personnel have control, significant influence or hold a material interest in	19		37		-
Other related parties	1,431		2,377		2,928
	1,450		2,414		2,928

Amounts owed to/from related parties are included within creditors and debtors respectively at the period-end. No security has been provided on any balances. Transactions between Group companies, which is a related party, have been eliminated on consolidation and are not disclosed in this note.

^{(1) Bertha Park Limited, a company in which Sandy Adam and Innes Smith are shareholders and directors}

14.  Analysis of net debt

	Unaudited Period to 30 November 2025		Unaudited Period to 30 November 2024		Audited Year to 31 May 2025
	£000		£000		£000
Cash in hand and bank	10,691		9,409		9,388
Bank borrowings - loan	(49,884)		(72,262)		(29,931)
Bank borrowings - overdraft	(359)		-		(351)
Net bank debt	(39,552)		(62,853)		(20,894)
Lease	(5,119)		(5,178)		(5,511)
Net debt	(44,671)		(68,031)		(26,405)
Deferred consideration	(21,651)		(22,285)		(21,960)
	(66,322)		(90,316)		(48,365)

Reconciliation of net cashflow to movement in net debt is as follows:

	At 1 June 2025	New Leases	Cashflow	Fair Value	At 30 November 2025
	£000	£000	£000	£000	£000
Cash in hand and bank	9,388	-	1,303	-	10,691
Bank borrowings - loans	(29,931)	-	(19,953)	-	(49,884)
Bank borrowings - overdraft	(351)	-	(8)	-	(359)
Net bank debt	(20,894)	-	(18,658)	-	(39,552)
Lease	(5,511)	(454)	1,015	(169)	(5,119)
Net debt	(26,405)	(454)	(17,643)	(169)	(44,671)
Deferred consideration	(21,960)	-	309	-	(21,651)
	(48,365)	(454)	(17,334)	(169)	(66,322)

 

END