StockMarketWire.com - Scottish house builder Springfield Properties said it expected its annual profit to fall by as much as 44% due to Covid-19 lockdowns disrupting construction activity.

Pre-tax profit for the year through May was expected to be at least £9m, down from £16m on-year.

Revenue was expected to drop by a quarter to around £144m, though gross margin had improved.

Springfield said it had recommenced operations on site from 15 June and construction activity had now resumed on every site, along with all sales offices reopening on 29 June.

'The number of reservations received in the first week following the reopening was the highest number of reservations Springfield has ever recorded in a one-week period - and substantially higher than normal for this time of year,' it said.

'The group has also commenced handing over homes that were nearing completion prior to lockdown.'

As a result, it expected first-quarter sales in the current financial year to be 'significantly higher' than the equivalent period last year.




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