Springfield Properties (LSE:SPR) eliminated its bank debt and held net bank cash of approximately £1m at 31 May in a trading update for the year ended 31 May.
The Scottish housebuilder said it expects to report revenue and adjusted profit before tax in line with market expectations, with total revenue for FY 2026 of approximately £245m, supported by strong second‑half private housing performance and year‑on‑year growth in affordable housing as it delivered against a strong order book.
"We are delighted to have achieved a key strategic priority in eliminating bank debt at year end, which is significantly ahead of market expectations," said CEO Innes Smith.
The company said the debt elimination represents a substantial reduction from its peak reported net bank debt of £93.4m in November 2023 and reflects disciplined cost control and working capital management.
Springfield reported progress on its North of Scotland strategy, signing an initial agreement with SSEN Transmission to commence delivery of almost 300 homes and receiving initial funding that has enabled construction to start on multiple sites, with build‑and‑lease agreements for the first phase advanced.
It said it has continued to strengthen its land bank in the North of Scotland and that Highland Council Masterplan Consent Areas are accelerating planning for 800 plots across two sites.
