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Springfield Properties inks £15.3m contract with Highland Housing Alliance

(Sharecast News) - Scottish housebuilder Springfield Properties has signed a new contract with Highland Housing Alliance for the delivery of affordable housing.

The contract, worth a total of £15.3m, includes an initial bulk sale of housing, followed by a design and build aspect.

Springfield will receive £4.1m for a bulk sale of housing, which was scheduled to complete during the current financial year, while the design and build phase, worth £11.2m, was due to commence "in the coming weeks", with the majority of the revenue to be recognised in the group's next financial year.

Chief executive Innes Smith said: "Since reengaging with affordable housing providers, we have been greatly encouraged by the interest that we are receiving. Within the last eight months, we have signed contracts worth circa £40.0m with local housing authorities and other affordable housing providers.

"Alongside the design and build contract, we are pleased to have this opportunity to deliver a bulk sale that will support our overall sales rates as well as our focus on maximising cash generation."

As of 1110 GMT, Springfield shares were up 5.10% at 82.50p.

Reporting by Iain Gilbert at Sharecast.com

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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