A trading update issued this morning revealed strong build and sales activity in the first half of the year has been sustained throughout the year with the group continuing to experience high demand across the business.

In particular, Springfield hailed “excellent” sales of the group’s private housing which it said has been driven by the increased desirability for more spacious homes, with gardens and greenspace and, especially with the group’s village developments, that have local amenities within walking distance.

In addition, at the end of the year, Springfield sold land (a total of approximately 200 plots) across two of its large developments in the Central Belt to two national housebuilders.

The firm said: “These strategic sales, which are material in nature, reflect the group’s continued focus on realising value from its large, high-quality land bank and strengthening the group’s balance sheet through cash generation. 

“As a result, the group expects to report revenue and profit for full year 2020/21 significantly ahead of market expectations, reflecting significant year-on-year growth. The group has also continued to substantially reduce net debt throughout the year.”

Springfield will provide a further update on trading for the year ended 31 May 2021 in July.