Springfield’s maiden interims confirm a positive H1 trading period and good progress across both the Private and Affordable Housing divisions. After a strong start to the second half, FY’18 PBT is expected to be 5% to 10% ahead of previous expectations (for now we upgrade PBT/EPS by 5.7%). The outlook statement strikes a confident tone, reflecting the improved visibility that is a feature of the Scottish housing model. In our view, Springfield represents a high quality, high growth and differentiated proposition led by an impressive management team. Today’s results confirm a strong start to Springfield’s life as a public company and we expect the shares to respond well.
