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Insider UK

National

Peter A Walker

Springfield Property blames government for falling profits

Springfield Scottish Government

Springfield Properties has reported pre-tax profits down 5% from £6.2 million to £5.9m for the half-year to the end of November.

The Scottish house builder blamed September’s mini-budget for knocking market confidence, while the Scottish government’s rent controls saw it pause affordable home building.

However, revenue rose 85.6% from £87.3m to £161.9m, primarily driven by growth in private housing, along with a strategic land sales and increased revenue from contract housing.

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