Final Results

Artisan (UK) PLC
11 July 2005


                                ARTISAN (UK) plc
                                     (AIM)

                   (House builder & business park developer)

               PRELIMINARY RESULTS FOR THE YEAR TO 31 MARCH 2005

                                   HIGHLIGHTS
Key points:

   •122% growth in earnings per share to 0.60p (2004: 0.27p)
   •35% rise in operating profits to £2.72m (2004: £2.02m)
   •Shareholders' funds increased by 12.4% to £15.7m
   •No dividend recommended in order to retain available funds within the
    business (2004: nil)
   •Residential land bank expanded by over 35%
   •Commercial activity level increases significantly
   •Commercial Development operations return to profitability
   •Court of Appeal ruling on the Infiniteland case upholds judgment in
    Artisan's favour

Michael W Stevens commented:
'The 2005 results are most satisfying and have exceeded the market's
expectations. This reflects the rewards of building two stable platforms for our
core operations both with the potential for long term profit flows. The coming
year will no doubt be more challenging in the housebuilding sector, but our
commercial operations are strong and underline the benefits of maintaining the
two diverse business streams'

Enquiries:

Artisan (UK) plc                                 01480 436666
Chris Musselle, Finance Director                 Mobile: [phone]

Martyn Freeman, Chief Executive

Bankside Consultants                             020 7367 8888
Simon Rothschild                                 Mobile: [phone]

Seymour Pierce Limited                           020 7107 8000
Sarah Wharry


                              CHAIRMAN'S STATEMENT

It is one of the more pleasant duties of a company chairman to report on a year
which sees significant growth in both operating profits and pre-tax earnings.

Operating profits have risen to £2.7m (2004: £2.0m). Pre-tax profits almost
doubled to £2.1m from last year's £1.1m, partly due to the absence of the
significant exceptional costs that were a feature of 2004, but should not
disguise the real progress made by the Group in its activities in the year.

The market for our commercial business parks has been active during the year
under review, with a much higher level of sales achieved. The prospects for this
area of the business are expected to remain positive for 2005/06.

Whilst the housing market is always likely to be punctuated by short term
volatility, the Board believes the long term prospects for housebuilding are
strongly founded on basic economic principles, and we continue to build up land
reserves at Rippon Homes and seek other opportunities to expand.

Inevitably any corporate activity has been inhibited whilst the Infiniteland
litigation remained open. It is to be welcomed that the Court of Appeal has
upheld the judgment of the High Court finding in favour of Artisan as explained
in the Financial Review that follows in this report.

Your Board is looking forward to 2005/06 with confidence and, although we
anticipate a more difficult and uncertain year for our housebuilding operations,
we will redouble our efforts to pursue interesting prospects in the property
sector. Whilst the Group is in a much better position to pursue worthwhile
opportunities we will not allow our pursuit of these opportunities to compromise
the stability that has been established over the past couple of years. We are
determined to take the Group forward to restore a more robust market
capitalisation and believe the platform to achieve this growth is now firmly
founded.

With this in mind, your Board does not recommend a dividend for the current
year, in order that funds for investment may be retained in the business.

The impressive results for the year could only have been achieved with the
support of all the employees in the business, and I should like to acknowledge
their efforts on behalf of the entire Board.

Michael W Stevens
Chairman

11 July 2005

OPERATIONAL REVIEW

During the year, sales on the Group's business parks grew to £8.6m (2004:
£4.8m). This included sales of serviced plots as well as completed properties,
and has enabled us to make a significant reduction in the working capital
employed in commercial land and stocks. This has greatly improved the return on
capital employed within Artisan (UK) Developments whilst rebalancing stocks.

The most notable transaction in the year was at Vantage Park in Huntingdon,
where we let the three office units constructed in the previous year and
concluded an investment sale at £2.4m to one of the Cambridge colleges in March
2005.

Overall, the last two months of the year proved very productive for the sale of
stock properties, to the extent that virtually all of these were sold by the
year end. This has required the rebuilding of stock levels in the first half of
2005/06. Demand for forward sales on offices remains good at the present time
particularly in the market for the smaller properties Artisan (UK) Developments
offers.

2004/05 was a profitable but disjointed year for house sales at Rippon Homes.
From July 2004 the market in the East Midlands stood still for three months
whilst prospective purchasers nervously watched for signs of a fall in house
prices and estate agents sought to re-align asking prices for less desirable
older properties. Despite a rally in the New Year, the business finished the
year with 118 houses sold, compared with 126 sales in the previous year when
customer demand was at an exceptionally high level.

Demand has calmed since the early-spring revival and results for the year to 31
March 2006 will be significantly impacted by the condition of the market in the
autumn. However, Rippon Homes enjoys a low exposure to the troubled apartments
sector and buy-to-let investors, and its houses are attractive to the more
traditional buyer. Typically this means Rippon Homes does not operate on the
higher percentage of forward-sales reported by volume housebuilders, and it
remains difficult to forecast sales volumes in the current cautious market. Our
land buying strategy has allowed Rippon Homes to offer a higher percentage of
less expensive properties. We have also expanded with more sites in the
conurbations west of Nottingham and Yorkshire where we expect demand will be
more resilient.

One factor having an influence across both our business streams is the growing
popularity of purchasing property through private pension plans (SIPPs). From
April 2006 the fiscal rules are set to change to enable a wider range of
property investments, including housing, to be purchased in this manner although
restricting the size of the related mortgages. Whilst the influence of these
Treasury policies on the markets is unclear, it may be that some purchasers will
await the start date for certain types of house purchase.

Shareholders will be aware that Artisan has been exploring the expansion of the
housebuilding business through a possible corporate acquisition. During the year
talks were held with several different companies, but these did not lead to
fruition.

We have continued to invest in the housing land bank at Rippon Homes and during
the year we increased our landholdings by over 35%, ending the year with 230
plots owned or contracted, (2004 - 168 plots). Future commercial development
capacity stands at over 17,000 square metres of developable floorspace, which is
approaching three years production, and new outlets are being sourced for 2006/
07.

The year to 31 March 2005 has demonstrated the Group's ability to return a good
level of operating profits through its operations and provided a sound base for
future years.

Martyn Freeman
Chief Executive
11 July 2005

                                FINANCIAL REVIEW

Results
The Group operating profit has improved to £2.72m (2004: £2.02m) an increase of
35%. In particular the commercial activity at the year end was very successful
with over £3.0m of sales achieved in the last month. Profit has grown as a
result of the improvement in commercial trading activity supported by a rise in
the margins achieved on residential sales.

Earnings per share have increased by 122% to 0.60p (2004: 0.27p)

Group turnover for the year to 31 March 2005 reduced to £27.3m (2004: £32.1m)
due in part to the weakness of the residential housing market compared to the
prior year despite the excellent recovery in business park development activity.
In the year to 31 March 2004 the turnover was enhanced by the sales of older
Living Heritage stock accounting for much of the reduction in turnover.

Summary of operating results

                 Residential     Commercial     Property     Central     Total
                                                 Dealing
Turnover
- 2005                 £18.7m          £8.6m           -           -     £27.3m
- 2004                 £26.6m          £4.8m        £0.7m          -     £32.1m


Operating profit
- 2005                  £3.1m          £1.1m           -       £(1.3)m    £2.9m
- 2004                  £3.3m         £(0.1)m          -       £(1.0)m    £2.2m


The analysis of profit is before group management charges and excludes goodwill.

There has been some additional exceptional expenditure in respect of disposals
of group undertakings in previous years. This is largely in respect of the
litigation continuing through the year over the Group's sale of Bickerton
Construction Limited.

Share Capital

In the year there has been no share capital issued.

Balance Sheet

The net assets of the Group have continued to grow with an increase from £14.0m
to £15.7m as a result of the retained profit for the year. At 31 March 2005 the
Group had net cash balances of £nil (2004: £0.4m) reflecting the funding basis
of our new banking facilities whereby all positive bank balances in the group
are offset against loan drawdown. This is particularly advantageous in reducing
net interest payable. The Group has borrowings of £7.1m (2004: £4.7m). The
gearing ratio is now 44.9% (2004: 31.4%) reflecting the continued investment in
trading stocks as your Board seeks to improve the depth of the residential land
bank. Your Board expects to take advantage of the opportunities to be gained by
increasing this gearing ratio as worthwhile new projects are identified in both
residential and commercial activities.


Work in Progress

Work in progress has increased from £18.7m to £21.8m reflecting the continued
investment in residential land bank, whilst commercial work in progress has been
successfully reduced through profitable trading. The investment in commercial
work in progress will increase from the low point following the successful sales
of finished units at the year end as further stock is developed for sale. As the
completion of two of the office parks can be now be foreseen, further investment
in new business park sites is expected.

Non-Core Assets
Artisan has, as indicated last year, essentially finalised the disposal of its
non core assets with the realisations of its holdings in Stratus Services Group
Inc and Partners in Property Solutions plc, both modestly in excess of balance
sheet value. Artisan retains a small number of common stock shares in Stratus.

Litigation

The dispute with Infiniteland Limited over the sale of Bickerton Construction
Limited continued to be a distraction during the year. After enduring the long
and expensive High Court hearing which found in favour of Artisan in the
previous financial year, Infiniteland were granted leave to appeal to the Court
of Appeal. The appeal hearing was heard in February 2005 and judgment handed
down in June 2005, again in favour of Artisan, dismissing Infiniteland's claims
and upholding Artisan's right to collect the £503,000 debt outstanding together
with substantial costs and interest. The Court of Appeal did not grant leave to
Infiniteland to appeal this judgment, but as Infiniteland intend to seek leave 
to appeal directly to the House of Lords, the full outstanding debt remains 
provided for whilst litigation continues and no assumption of any funds 
recoverable has been made.

Also as we previously reported, the liquidator of Bickerton Construction Limited
has made enquiries into management charges from Artisan around the time of the
sale of Bickerton. At the end of 2004 the liquidator threatened legal action in
respect of management charges of £1,400,000 paid by Bickerton to Artisan in June
2001. If proceedings are issued Artisan intends to defend its position on the
validity of the management charges. If the defence is unsuccessful, the matter
may result in a repayment by Artisan of an amount equal to all or part of the
management charges plus costs.

Bankers

The new corporate banking facilities agreed with The Royal Bank of Scotland plc
have proven to be of significant benefit to the Group. Following the completion
of the first year on 30 June 2005, the £5m top slice of funding has been renewed
for a further year, the balance having been drawn down on a three year committed
revolving credit facility. The new facility has been entered into with the clear
understanding that it is Artisan's intention to improve its land banks and seek
acquisitions.
Chris Musselle
Finance Director
11 July 2005

                                ARTISAN (UK) PLC

                          GROUP PROFIT & LOSS ACCOUNT
                        For The Year Ended 31 March 2005

                                                    31 Mar 2005   31 Mar 2004
                                                              £             £
TURNOVER                                             27,326,235    32,116,765

COST OF SALES                                       (22,606,419)  (28,325,253)
                                                     __________    __________
GROSS PROFIT                                          4,719,816     3,791,512

Administrative expenses                              (2,031,523)   (1,775,720)
Other operating income                                   33,826         6,254
                                                     __________    __________
GROUP OPERATING PROFIT                                2,722,119     2,022,046

Loss on sale of group undertaking in prior year          (7,640)      (20,343)
Exceptional provisions in respect of sale of group
undertakings in previous years                         (125,000)     (554,504)
Exceptional profits arising on current asset             69,476       108,236
investments and loan notes
                                                     __________    __________
                                                      2,658,955     1,555,435

Interest payable                                       (536,538)     (486,958)
Interest receivable and similar income                   12,631        36,409
                                                     __________    __________
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION         2,135,048     1,104,886

Taxation                                               (397,565)     (336,084)
                                                     __________    __________
RETAINED PROFIT FOR THE YEAR                          1,737,483       768,802
                                                     __________    __________
  
Basic earnings per share                                   0.60p         0.27p
Diluted earnings per share                                 0.60p         0.27p

All recognised gains and losses in the current and prior year are included in
the profit and loss account.

                                ARTISAN (UK) PLC

                              GROUP BALANCE SHEET

                              As at 31 March 2005

                                                  31 Mar 2005      31 Mar 2004
                                                            £                £
FIXED ASSETS
Intangible fixed assets                             2,471,206        2,628,190
Tangible fixed assets                                 340,199          368,178
                                                   __________       __________
                                                    2,811,405        2,996,368
                                                   __________       __________
CURRENT ASSETS
Investments                                             5,000          177,037
Stocks and work in progress                        21,786,214       18,726,086
Debtors                                             6,791,533        5,079,480
Cash at bank and in hand                                5,207          355,653
                                                   __________       __________
                                                   28,587,954       24,338,256
CREDITORS: Amounts falling due within one year     (8,094,628)     (12,409,645)
                                                   __________       __________
NET CURRENT ASSETS                                 20,493,326       11,928,611
                                                   __________       __________

TOTAL ASSETS LESS CURRENT LIABILITIES              23,304,731       14,924,979

CREDITORS: Amounts falling due after more          (7,060,746)         (52,320)
than one year
Provisions for liabilities and charges               (528,843)        (895,000)
                                                   __________       __________
NET ASSETS                                         15,715,142       13,977,659
                                                   __________       __________
CAPITAL AND RESERVES
Called up share capital                             1,442,647        1,442,647
Share premium account                               9,456,668        9,456,668
Merger reserve                                        515,569          515,569
Capital redemption reserve                             91,750           91,750
Profit and loss account                             4,208,508        2,471,025
                                                   __________      ___________
EQUITY SHAREHOLDERS' FUNDS                         15,715,142       13,977,659
                                                   __________      ___________

                                ARTISAN (UK) PLC

                           GROUP CASH FLOW STATEMENT

                        For The Year Ended 31 March 2005

                                                   31 Mar 2005    31 Mar 2004

                                                             £              £
NET CASH (OUTFLOW)/INFLOW FROM OPERATING
ACTIVITIES                                          (2,121,632)     6,517,922

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                       12,631         36,409
Interest paid                                         (489,149)      (486,958)
                                                      ________       ________
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND  
SERVICING OF FINANCE                                  (476,518)      (450,549)

TAXATION
UK Corporation tax paid                               (520,064)      (237,295)

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Sale of tangible fixed assets                            4,894         34,284
Purchase of tangible fixed assets                      (25,294)       (31,813)
                                                      ________       ________
NET CASH (OUTFLOW)/INFLOW FROM                         (20,400)         2,471
INVESTING ACTIVITIES

ACQUISITIONS AND DISPOSALS
Disposal of subsidiary undertaking in prior year        (7,640)       (20,343)
                                                      ________       ________
NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS        (7,640)       (20,343)
                                                      ________       ________
NET CASH (OUTFLOW)/INFLOW BEFORE USE OF LIQUID
RESOURCES AND FINANCING                             (3,146,254)     5,812,206

MANAGEMENT OF LIQUID RESOURCES
Sale of current asset investments                      477,966        817,897

FINANCING
Movement in borrowing                                6,042,362     (8,655,115)
Capital element of finance leases                       (5,892)       (17,413)
                                                    __________     __________
NET CASH INFLOW/(OUTFLOW )FROM FINANCING             6,036,470     (8,672,528)
                                                    __________     __________

INCREASE/(DECREASE) IN CASH                          3,368,182     (2,042,425)
                                                    __________     __________

Notes

1 EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the profit for the
financial year attributable to shareholders by the weighted average number of
shares in issue.

The weighted average number of shares were
                                                     31 Mar 2005   31 Mar 2004
                                                          Number        Number
Basic weighted average number of shares              288,529,426   288,332,705

There were no dilutive potential ordinary shares in 2005 or 2004

2.       The financial information set out in this document, which summarises
the results of the group, does not amount to statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The group's auditors have
audited the statutory accounts and have issued an unqualified report
thereon within the meaning of Section 235 and have not made any statement under
Section 237(2) or (3) of the Companies Act 1985 for the year ended 31 March
2005.

3.       Statutory accounts for the year ended 31 March 2004 have been delivered
to the Registrar of Companies. Statutory accounts for the year ended 31 March
2005 will be delivered to the Registrar following the Annual General Meeting.

No changes have been made to accounting policies.

4.       The Annual General Meeting will be held at Butchers Hall, 87
Bartholomew Close, London, EC1A 9HP at 11.00am on 7 September 2005.

Copies of this announcement will be available to the public, free of charge,
from the offices of Seymour Pierce Ltd, Bucklersbury House, 3 Queen Victoria
Street, London, EC4N 8EL during normal office hours, with the exception of
Saturdays, Sundays and bank holidays, for 14 days from today.





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