Springfield has bolstered its management structure as the group navigates its way through challenging conditions in the housebuilding industry.
Chief executive Innes Smith said it was an "exciting time" as the group announced the promotion of Andrew Curran to managing director across Springfield Properties, Dawn Homes, Walker Group and Mactaggart & Mickel. At the same time, Kieran Graham becomes managing director of Tulloch Homes, which was acquired by the group at the end of 2021.
The appointments are designed to support acceleration of the group's growth strategy as builders across the sector have reported falling numbers of new home completions. Demand has been hampered by high mortgage costs, while on the operational side the industry says it is being held back by long delays in gaining planning permissions.
READ MORE: Housebuilding giant highlights mortgage cost pressures amid new homes shortage
In a trading update earlier this week Springfield Group said total completions for the 12 months to the end of May will come in at approximately 870, down from 1,301 the previous year. Revenue is expected to be in the region of £266 million versus £332.1m previously.
Full-year profits, however, are expected to be slightly ahead of expectations thanks to £28m of land sales during the period. The group's debt will also fall by ore than previous forecast to circa £40m against a previous target of £55m.
Mr Curran has been promoted from regional operations director after a decade at Springfield and a further 11 years' experience with UK-wide builders including McCarthy Stone and Persimmon. Mr Graham was previously commercial director at Tulloch Homes, having previously worked for Stewart Milne Group in Aberdeen and Robertson Homes in Inverness.
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Mr Smith has said the group is "cautiously optimistic" about the year ahead despite wider difficulties across the sector. He added that the new managing directors bring with them "invaluable" expertise to drive growth and innovation across the operation.
"It’s an exciting time across the Springfield Group with many new developments in the pipeline such as the recently-approved Conon Bridge development, delivered in partnership with the Highland Council, to support the Cromarty Firth Green Freeport," he said. "There’s also the long-awaited Durieshill development which we’ve collaborated with Barratt on to accelerate its delivery."
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