Springfield’s FY26 trading update marked a key milestone, with the Group eliminating net bank debt and moving to a net cash position of c£1m, materially ahead of our £10m debt forecast. This is a significant improvement from the c£93m net debt peak in November 2023 and demonstrates execution of the deleveraging strategy. Trading is in line with expectations, with revenue of c£245m and adjusted PBT in line with our £12.6m forecast. Performance has been second-half weighted, with Private Housing d ....
