Artisan (UK) financial results in line with expectations

Artisan (UK), the housebuilder and commercial business park developer, has issued a trading update indicating that results, for the 15 months to 30 June, will be in line with expectations.

Artisan’s commercial division has “performed strongly” delivering greater sales and good margins.

However Rippon Homes, the housebuilding division, found its East Midlands market challenging and as a result, margins will be lower than previously reported.

Looking ahead, Artisan’s commercial division has secured a business part site in Kings Lynn and is negotiations for two more, while Rippon Homes has snapped up land at Bilsthorpe in Nottinghamshire, Overseal in Derbyshire and Pontefract in Yorkshire.

The balance sheet will show increased gearing over what the board regarded as the low level of 34% at March 2006.

Artisan feels that the extended 15-month financial period will result in greater consistency with its peer group.