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Artisan (UK)
- BY: Andrew Hore |
- POSTED: 26/09/2007 |
- COMMENTS: Add yours
Lower margins on housebuilding held back housebuilder and business park developer Artisan’s progress.
The latest figures are for the 15 months to June 2007 and the comparatives are for a 12 month period. Turnover jumped from £28.7m in the year to March 2006 to £41m in the 15 months to June 2007. Operating profits were flat at £3.7m although the latest period also included a revaluation surplus on investment properties of £262,000. Pre-tax profits were lower because of a more than doubled interest charge. Increased investment in land and investment properties meant that net debt increased to £10.75m.
Management argues that the change to IFRS accounting standards has flattered the previous year’s figures and masked the progress Artisan is making.
Business park development became a bigger proportion of the group and now accounts for nearly two-fifths of turnover. Its operating profit rose from £1.6m to £2.4m. In contrast the East Midlands residential market was tough. The current world financial situation could have a continued negative effect on the housebuilding division. Ripon’s landbank is currently 337 plots.
The final dividend of 1.5p a share takes the total for the year to 2.7p a share. A one-for-40 share consolidation earlier this year has cut the number of shareholders from more than 10,000 to less than 5,000.
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