The Springfield Properties Board is pleased to declare an interim dividend of 1.3p per share with an ex-dividend date of 4 March 2021, a record date of 5 March 2021 and a payment date of 25 March 2021
Other financial highlights include:
Gross profit increased by 16.4% to £18.5m (H1 2019/20: £15.9m) due to the higher revenue. Gross margin was 19.6% (H1 2019/20: 19.9%), which primarily reflects changes in sales mix. There were also some one-off costs related to the start-up of operations following lockdown.
Administrative expenses were lower at £8.9m (H1 2019/20: £9.1m). The reduction reflects the initial savings from the measures implemented following the Group's review of its business to identify areas for greater efficiency and rationalisation as noted above. The Group expects these measures to reduce expenses by approximately £1m on an annualised basis from the current financial year.
Exceptional items during the period were £0.5m (H1 2019/20: £nil). This mainly relates to employee costs as a result of the consolidation of the Group's Livingston operations at its office in Larbert as well as the cost of furloughed employees, which was largely offset by grant income received under the UK Government's Coronavirus Job Retention Scheme.
Operating profit increased to £9.3m (H1 2019/20: £6.9m) and operating profit before exceptional items increased to £9.8m (H1 2019/20: £6.9m), which was due to the higher revenue. Profit before tax was £8.6m (2019/20: £6.3m) and profit before tax and exceptional items was £9.0m (H1 2019/20: £6.3m), which primarily reflects the greater revenue, but also lower finance costs.
Basic earnings per share increased to 7.07 pence (H1 2019/20: 5.28 pence). Basic earnings per share (excluding exceptional items) increased to 7.55 pence (H1 2019/20: 5.28 pence).