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RNS Number : 6399L Springfield Properties PLC 14 September 2021 14 September 2021 Revenue Gross margin Springfield Properties plc ( " Springfield " , the " Company " or the " Group " ) Final Results and Publication of Annual Report Highest ever revenue and profit , substantial reduction in net debt and strong outlook Springfield Properties ( AIM : SPR ) , a leading housebuilder in Scotland delivering private and affordable housing , announces its final results for the year ended 31 May 2021 . Financial Summary 2021 £ m 216.7 17.9 % 19.8 18.5 14.41 5.75 2020 £ m 143.5 19.1 % Change 11.3 10.2 8.33 2.0 + 51.0 % -120bps + 75.2 % + 81.4 % + 73.0 % + 187.5 % Operating profit * Profit before tax * Basic EPS * ( p ) Total dividend per share ( p ) * Adjusted to exclude exceptional staff costs of £ 0.6m ( 2020 : £ 0.4m ) ( See the Financial Review for further detail ) Operational Summary Strong build and sales activity throughout the year with high demand experienced across the business resulting in significant growth in revenue in private and affordable housing Realisation of work in progress and strategic land sales enabled substantial reduction in net debt to £ 20.8m at 31 May 2021 from £ 70.9m at 31 May 2020 Total completions increased to 973 homes ( 2020 : 727 ) Sustained progress in advancing land bank with planning approval received for 609 homes during the year and the proportion of land bank with planning permission increasing to 52.4 % ( 31 May 2020 : 49.4 % ) Total land bank of 15,281 plots ( 31 May 2020 : 15,882 ) with Gross Development Value ( " GDV " ) of £ 3.1bn ( 31 May 2020 : £ 3.3bn ) Strengthened operations with implementation of efficiency and rationalisation measures that reduced costs by approximately £ 1m on an annualised basis Commenced work on site for first homes for the Private Rental Sector ( " PRS " ) with Sigma Capital Group plc at Bertha Park Village Private Housing Delivery Revenue increased 46.2 % to £ 144.6m ( 2020 : £ 98.9m ) with 593 completions ( 2020 : 419 ) Significant growth driven by : o completion of homes originally scheduled to be delivered at the end of the prior year but postponed due to COVID - 19 lockdown ; and o increased desirability of the type of larger housing with plenty of greenspace that the Group offers Continued progress on Village developments , with key highlights including : o Advancing of community facilities , including the opening of convenience stores at Bertha Park , Perth and Dykes of Gray , Dundee o Commenced construction on second phase of private homes at Bertha Park o Planning approval received for PRS homes at Bertha Park and work commenced on site Affordable Housing Delivery Revenue increased by 29.7 % to £ 55.1m ( 2020 : £ 42.5m ) with 380 completions ( 2020 : 308 ) Active in securing new contracts with an order book of £ 91.5m as at 31 May 2021 - Springfield's largest ever contracted order book for affordable housing Construction commenced at The Wisp , Edinburgh - a 104 - home development and on the first phase of 144 homes at Dalmarnock , Glasgow under agreements worth £ 18.5m and £ 18.2m respectively Continued progress under the local authority framework agreement with Moray Council for 10 affordable - only developments with four developments now completed Post period , completed handover of the second phase of affordable housing at Bertha Park Village and signed a contract to deliver the first Mid - Market Rent housing at the Village Established new partnerships : contracts signed with Berwickshire Housing Association and , post period , Aberdeenshire Council Innes Smith , Chief Executive Officer of Springfield Properties , commented : " This has been an excellent year for Springfield . We have achieved our highest ever annual revenue and profit - exceeding £ 200m in revenue for the first time and by a significant amount - based on record results in both our private and affordable housing . We have substantially reduced our net debt position , demonstrating our ability to generate cash , and our strategic land sales towards the end of the year reflect our capacity to realise value from our large , high - quality land bank . I am also pleased that we have been able to maintain high levels of customer satisfaction and we have continued to take steps to improve our build quality , process and the sustainability of our business . " Looking ahead , we entered the new financial year delivering against a significant order book , with excellent visibility over full year revenue . We are receiving sustained demand across the business supported by low interest rates , a competitive mortgage market Page 1 of 15