Comfort and joy
Scotland’s only quoted housebuilder’s interims delivered strong growth in volumes and margins and an upbeat statement on current trading. Revenue rose 38% YoY, while adj PBT almost doubled. This appears to leave Springfield comfortably on track to meet our FY 2019E estimates. We are not changing these but note that the latest half year has already made a significantly stronger contribution to our FY estimate than H1 2018 to the FY 2018 out-turn.