Springfield Properties PLC - Scotland-focused builder of private and affordable housing - Signs an agreement to sell about 11.2 acres of land for GBP8.7 million. The land equates to 85 plots and is fully owned by the company. It expects to receive GBP6.5 million in the current financial year and the remainder in the following year. The proceeds from the sale will support the company's ongoing target to reduce debt, it adds.
Chief Executive Innes Smith says: "We are pleased to have agreed another profitable land sale, which brings the total since October 2023 to over GBP18 million. With one of the largest, high-quality land banks in Scotland, these sales are an attractive way of monetising our land bank without impacting our development pipeline. We are in advanced negotiation regarding further land sales, which remains a key element of our strategy to reduce our bank debt."
Current stock price: 78.00 pence, up 2.0% in London on Monday
12-month change: down 11%
By Sophie Rose, Alliance News senior reporter
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Springfield Pr. (SPR)