Scotland’s only quoted housebuilder has issued a positive trading update for the six months to 30 November, highlighting sales activity that had “rebounded strongly” and, significantly, net debt falling by more than half since the May year end. The Group predicts further acceleration in growth in H2 “in line with market expectations”, driven by pent-up demand after Scotland’s extended lock-down and underpinned by a large contracted pipeline. We maintain all our estimates. We also examine Springfield’s growing ‘ESG’ commitment, particularly its sustainability initiatives.