The board said the performance gives confidence that full‑year results will meet market expectations, supported by strong affordable housing activity and improving consumer sentiment.

The company highlighted that it had “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”.

SSEN Transmission agreement marks major strategic milestone

A central feature of the period was Springfield’s first agreement with SSEN Transmission, signed shortly after the period end. The deal will see the group begin enabling works for almost 300 homes across the Highlands, Moray and Aberdeenshire, supporting the electricity network operator’s multi‑billion‑pound grid upgrade programme.

The document notes that the agreement “towards delivering 293 homes at six sites across the Highlands, Moray and Aberdeenshire” represents a significant step in Springfield’s strategy to supply housing linked to energy‑infrastructure investment.

Homes will be delivered in phases over three years and leased for an initial four‑year period to accommodate workers on SSEN Transmission projects. At the end of the lease, Springfield will have multiple disposal routes, including private sale, PRS or affordable housing transfer.

The group confirmed it is in discussions with other infrastructure providers on similar arrangements.

Revenue growth and strong affordable housing

Group revenue rose to £108 million, up from £105.6m the previous year, driven by affordable housing and land sales. Total completions fell to 316 (H1 2025: 361), reflecting weaker private‑housing market conditions and Springfield’s deliberate refocus on northern opportunities.

The company reported that “strong growth in affordable housing and land sales offset the expected reduction in private housing”.

Private housing

Private completions dropped to 190 (H1 2025: 230), though average selling price increased to £344k due to mix. The lengthening sales cycle continued to weigh on margins, but Springfield said consumer confidence has improved since the UK Budget.

Affordable housing

Affordable completions rose to 113 (H1 2025: 95), with ASP increasing to £228k. Almost all forecast FY2026 affordable‑housing revenue is already delivered or contracted, underpinning confidence in full‑year growth.

Land bank expansion in the North

Springfield continues to build a dominant land position in the North of Scotland, with 4,362 owned and contracted plots in the region. Across the wider business, the total owned and contracted land bank stands at 7,305 plots, with a further 6,293 strategic plots.

The document highlights that this land bank “equated to nine years of activity and had a gross development value… of £1.9bn”.

Future confidence underpinned by northern opportunities

The board reiterated its expectation of year‑on‑year revenue growth in both private and affordable housing for FY2026, excluding last year’s exceptional land‑sale contribution. Improved consumer confidence, normal seasonality and a strong affordable‑housing orderbook are expected to support a stronger second half.

Looking further ahead, Springfield emphasised the scale of opportunity linked to energy‑infrastructure investment in the North of Scotland. The SSEN Transmission agreement is described as “an important milestone towards capitalising on the substantial opportunities in the region”.

The company said the build‑and‑lease model offers recurring income during the lease period and multiple monetisation options thereafter, strengthening long‑term value creation.

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.”