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12 April, 2006 - 09:58 By Staff Reporter

Artisan confounds market

Artisan (UK) plc will beat market expectations when its profit figures are announced for the year to March 31 in the first week of July.The Huntingdon based residential house builder and commercial business park developer, saw its shares jump 10 per cent on the news.

It expects to announce results that more than meet current market expectations of profit before goodwill and exceptional items. It also expects the results to demonstrate significant profit in respect of exceptional income as a result of the recovery of funds of over £500,000 from litigation.

“This combined with improved operational profitability will demonstrate a net profit significantly ahead of the market expectation,” said the company in a trading update.

Rippon Homes, which is Artisan’s residential development arm, has exceeded expectations underlining the marked improvement seen in the market since early January. It is expected to report improved turnover on a similar number of units to the previous year, albeit at a slightly reduced margin, the statement continued.

Artisan (UK) Developments, the commercial division of the group, has seen one significant sale delayed but gained another culminating in another successful year, says the company.

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