10th Apr 2006 07:01
Artisan (UK) PLC10 April 2006 Artisan (UK) plc Post Year End Trading Update Artisan (UK) plc ("Artisan" or "the Group"), the residential house builder andcommercial business park developer, announces a trading update for the year to31 March 2006 which confirms that it expects to announce results that more thanmeet current market expectations of profit before goodwill and exceptionalitems. In addition the Board expects that the results will demonstrate significantprofit in respect of exceptional income as a result of the recovery of funds ofover £500,000 from the Bickerton litigation. This combined with improvedoperational profitability will demonstrate a net profit significantly ahead ofthe market expectation. The final results in respect of the financial year will be announced during thefirst week of July 2006. In February 2006, Artisan announced that the year end was dependent onreservations held at that time, for both businesses, being converted toexchanges or completions prior to the year end. Rippon Homes, the residentialdeveloper, has exceeded expectations underlining the marked improvement seen inthe market since early January. It is expected to report improved turnover on asimilar number of units to the previous year, albeit at a slightly reducedmargin. Artisan (UK) Developments, the commercial division of the Group, has seen onesignificant sale delayed but gained another culminating in another successfulyear. Following improved results in respect of the year to 31 March 2005, whichconcluded with a significant sale at the year end, commercial turnover will bedrop marginally. However it is expected that the results will demonstrateimproved margins. The consequence of the improved performance in both Rippon Homes and thecommercial division is that, although Artisan have accounted for one offemployment costs during the year of nearly £300,000 it expects results to exceedmarket expectations. This has been achieved despite the difficult residentialmarket conditions that pertained during much of the year, underlining the clearimprovement in Artisan's operations. Much of this improvement is derived fromthe success of high quality management teams throughout the businesses. Artisan (UK) plc: 01480 436666Chris Musselle Chief Executive [email protected] Seymour Pierce Nominated advisers 020 7107 8000Sarah 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 ExchangeRelated Shares:
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