LONDON (ShareCast) - (Sharecast News) - Housebuilder Springfield Properties told investors on Tuesday that it was on target to report first-half revenue growth and gross margin improvement in line with expectations.
Springfield managed to maintain the strong momentum witnessed at the end of the prior year into the first half of 2019/20, with an increase in completions and revenue in both private and affordable housing.

As a result, and also thanks to the contribution from the recently acquired Walker Group, the AIM-listed group now expects to report revenue growth and improvement in gross margin for the first half of the year in line with management's expectations.

Springfield said its Village developments had "progressed well", stating that their appeal was "strengthening" as they become increasingly established, adding further amenities for residents.

Chief executive Innes Smith said: "We're pleased to have achieved another period of growth resulting from sustained progress across our business as we continue to deliver on our targets.

"The UK is entering a period promising greater market certainty, which will benefit our customers, our suppliers and our business. This, combined with a land bank providing work for at least 16 years and a skilled and dedicated workforce, gives us continued confidence in our future prospects and in achieving our goals."

As of 1110 GMT, Springfield shares were up 5.04% at 131.82p.

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