Yesterday’s AGM follows a year of significant progress for Springfield, which saw a material increase in profitability, strong cash generation and the refocusing of activities in the North of Scotland. Springfield also announced a key Board appointment, which sees Alasdair Gardner join as a Non-Executive Director. Within Lloyds Banking Group, Alasdair’s roles included Head of Industrials and Commercial Banking Scotland, Head of Large Corporates North America and, latterly, MD of The Islands Business, Lloyds Bank Corporate Markets. Alasdair was involved in establishing the Bank of Scotland Foundation in 2009, where he served as a trustee until 2016. Alasdair has experience across a wide range of sectors, including Renewable Energy, Oil & Gas and Housebuilding. He looks to be a very strong and complementary appointment to support the Group as it executes its strategic growth plans in the North of Scotland. We reiterate our 150p fair value estimate (1.0x FY27 Price/ Book).