Springfield Properties, the Scottish housebuilder, has seen pre-tax profits double and said it is close to a deal to provide housing for energy infrastructure providers engaged on new projects.
The company said it has refocused its strategy to capitalise on the “substantial opportunities in the North of Scotland”.
Chief executive Innes Smith said: “We have already made excellent progress in implementing this new strategy and are now in advanced discussions with infrastructure providers whereby we expect to enter an agreement in the near term for the build and multi-year lease of housing.
“This would allow us to receive regular income over the course of the lease as well as having further options for monetisation at its conclusion.
“This reflects our ability to navigate the market and our agility to deliver innovative solutions to meet housing need while maximising the value of our land bank in this area of high demand.
“We are very excited about the prospects in the North of Scotland, in particular, and we continue to look to the future with great confidence.”
The company said pre-tax profits for the year to the end of May rose 95.9% to £19 million from £9.7m in the previous year.
Revenue iincreased to £280.6m from £266.5m, while adjusted profit before tax reached £20.1m, compared with £10.6m in 2024.
Following the sale of a substantial landbank to Barratt Redrow for £64.2m net bank debt fell to £20.9m from £39.9m.
The proposed total dividend doubles to 2p.
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