Artisan (UK) PLC
10 April 2006
Artisan (UK) plc
Post Year End Trading Update
Artisan (UK) plc ('Artisan' or 'the Group'), the residential house builder and
commercial business park developer, announces a trading update for the year to
31 March 2006 which confirms that it expects to announce results that more than
meet current market expectations of profit before goodwill and exceptional
items.
In addition the Board expects that the results will demonstrate significant
profit in respect of exceptional income as a result of the recovery of funds of
over £500,000 from the Bickerton litigation. This combined with improved
operational profitability will demonstrate a net profit significantly ahead of
the market expectation.
The final results in respect of the financial year will be announced during the
first week of July 2006.
In February 2006, Artisan announced that the year end was dependent on
reservations held at that time, for both businesses, being converted to
exchanges or completions prior to the year end. Rippon Homes, the residential
developer, 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.
Artisan (UK) Developments, the commercial division of the Group, has seen one
significant sale delayed but gained another culminating in another successful
year. Following improved results in respect of the year to 31 March 2005, which
concluded with a significant sale at the year end, commercial turnover will be
drop marginally. However it is expected that the results will demonstrate
improved margins.
The consequence of the improved performance in both Rippon Homes and the
commercial division is that, although Artisan have accounted for one off
employment costs during the year of nearly £300,000 it expects results to exceed
market expectations. This has been achieved despite the difficult residential
market conditions that pertained during much of the year, underlining the clear
improvement in Artisan's operations. Much of this improvement is derived from
the success of high quality management teams throughout the businesses.
Artisan (UK) plc: 01480 436666
Chris Musselle Chief Executive email@artisan-plc.co.uk
www.artisan-plc.co.uk
Seymour Pierce Nominated advisers 020 7107 8000
Sarah Wharry
Bankside Consultants Financial PR advisers 020 7367 8888 /
Simon Rothschild 07703 167065
This information is provided by RNS
The company news service from the London Stock Exchange
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