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14 July, 2006 - 16:23 By Staff Reporter

Artisan announces profits increase

Artisan (UK) plc, the Huntingdon business park developer and house builder, has posted a 24 per cent increase in pre-tax profits to £2.6m for the year to March 31.Artisan (UK) plc, the Huntingdon business park developer and house builder, has posted a 24 per cent increase in pre-tax profits to £2.6m for the year to March 31.

It also announced a 28 per cent growth in earnings per share to 0.77p (2005: 0.60p) while shareholders’ funds increased by 21 per cent to £19.1m.

Artisan expanded its residential land bank by 21 per cent during the financial year and the commercial development profitability level increased.

Chairman Michael Stevens said the group has exceeded the market’s expectations despite a significant one-off cost.

“The core businesses, our business park and housebuilding subsidiaries, are performing well and we are continuing to invest funds in the acquisition of development land.

“The resulting increase in outlets will provide the basis for the growth of the group.

“The current year has started more positively in terms of sales reservations for Rippon Homes, but margins are under increasing pressure in the absence of an improvement in house prices in the regions in which we operate.

“Artisan (UK) Developments, our commercial business park subsidiary, is also achieving success in securing further outlets.”

“The resolution of the litigation with Infiniteland Limited in favour of Artisan is a welcome relief and has provided some recovery of funds further contributing to this year’s excellent results.”

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