Springfield Properties PLC - Scotland-focused builder of private and affordable housing - Says it has it has signed a deal to sell 45 acres of land for £4.2 million. Says the land, which consists of 190 plots is fully-owned. Adds that it will received £830,000 on completion of the sale, expected this month, with the remaining consideration expected to be paid by May 2024. Says the sale is intended to help reduce its debt.

Chief Executive Innes Smith says: ‘We are pleased to have agreed another profitable land sale as we continue to deliver on our strategy to reduce our debt position. In the last two months, we have secured almost £10 million in land sales, with the proceeds to all be received during the current financial year - and without any impact on our development pipeline for the coming years. We continue to receive strong demand for our large, high-quality land bank. Accordingly, this sale, alongside others that we expect to conclude in the near-term, mean that we are well-positioned to meet our debt reduction targets.’

Current stock price: 73.60 pence each, up 2.2% on Monday morning in London

12-month change: down 18%

Copyright 2023 Alliance News Ltd. All Rights Reserved.