The chief executive of Scottish housebuilder Springfield Properties picked up a £119,000 bonus last year after overseeing strong growth at the company.
Innes Smith received the award on top of his £210,000 salary. Together with benefits and pension contribution his total pay package rose to £358,000, up from £275,000 the previous year.
Chief financial officer Michelle Motion received up an £80,000 bonus and together with a £159,000 salary received a package of £263,000, up from £249,000.
The group’s latest annual report reveals that following pay rises in June this year, an exercise to raise salary levels for executives following its stock market flotation to reflect pay at similar-sized companies in the sector has now been completed.
For the financial years after 1 June 2020 it said any salary increases for executives will “normally reflect those applied to the wider workforce at the company” which employs some 700 staff.
Elgin-based Springfield reported a 69% rise in pre-tax profits in the year to the end of May 2019. Revenue was up 36% to £190.8m with the firm completed 952 affordable and private sales homes compared to 770 the previous year.
Highlights of the year including strengthened its presence in the central belt with the acquisition of Livingston-based Walker Group.
This week Springfield agreed a major collaboration with private rented sector specialist Sigma. The agreement will deliver hundreds of new rental homes in Dundee, Edinburgh, Inverness, Perth and Stirling.
