Board of the Scottish housebuilder has already started the search for a new chief financial officer
The chief financial officer of Scottish housebuilder Springfield Properties has resigned with immediate effect.
Michelle Motion has quit the developer, which saw its revenue rise in the six months to November 30, up from £87.3m in 2021, and the board has started to look for a new CFO.
The board said it will update the market “in due course”.
Motion had been CFO at Springfield for four years and 10 months, and before that was finance director at the developer, for nine years and five months.
Finance director Iain Logan, who has been with the group for over three years, has been appointed interim chief financial officer.
Sandy Adam, chair of Springfield, thanked Motion for her “contribution” to Springfield. He added: “During that period, we have become a public company and undertaken multiple acquisitions that have transformed the scale of our business. We wish Michelle all the best for the future.”
The housebuilder issued a profit warning in December in the face of the increasingly challenging market conditions.
It said its pre-tax profit fell in the first half of its financial year to £5.9m, from £6.2m the previous year.
It recorded turnover growth of 85% in the six months to November 30 on the back of major acquisitions in 2021 and built 673 homes, its highest ever half year figure, up from 459 in the same period in 2021.
But it said margins had been impacted both by rising costs and the decision of the Scottish government to cap private rents, which had caused it to pause its planned expansion into the build to rent sector.
Housing Today has asked Springfield for more information on why Motion has left the company. It did not respond by the time of publication.
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