Springfield Properties PLC (AIM:SPR) fell as much as 10% on the junior market on Tuesday on release of the Scotland-based housebuilder’s interim results.
Though the group implemented £3mln in cost-cutting measures, margins saw a significant impact from build-cost inflation, particularly on fixed-price contracts in affordable housing.
Chief executive Innes Smith noted a “challenging period for the housebuilding industry with significant headwinds having a combined effect”.
Shares partially recovered throughout the morning, changing hands at 84p with a market capitalisation of £99.5mln as of 11am.