Scotland’s only quoted housebuilder has reported an 81% uplift to £18.5m in adjusted PBT for the full year to May 2021, beating our estimate of £18.0m, driven by high demand for the Group’s private and affordable homes. Net debt fell from £70.9m to £20.8m, again, moderately beating our estimate. A more substantial ‘beat’ was the dividend, totalling 5.75p, 28% ahead of our 4.5p forecast. We leave our P&L estimates for FY2022 - 23E broadly unchanged but increase our assumed dividends by 20% and 23% to 6.0p and 6.75p respectively and introduce FY2024E forecasts.
14 Sep 2021
Rebound in market pays dividends
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Rebound in market pays dividends
Springfield Properties PLC (SPR:LON) | 96.5 0 0.0% | Mkt Cap: 114.5m
- Published:
14 Sep 2021 -
Author:
Alastair Stewart -
Pages:
9
Scotland’s only quoted housebuilder has reported an 81% uplift to £18.5m in adjusted PBT for the full year to May 2021, beating our estimate of £18.0m, driven by high demand for the Group’s private and affordable homes. Net debt fell from £70.9m to £20.8m, again, moderately beating our estimate. A more substantial ‘beat’ was the dividend, totalling 5.75p, 28% ahead of our 4.5p forecast. We leave our P&L estimates for FY2022 - 23E broadly unchanged but increase our assumed dividends by 20% and 23% to 6.0p and 6.75p respectively and introduce FY2024E forecasts.