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Artisan (UK)

  • BY: Andrew Hore |
  • POSTED: 18/01/2008 |

Housebuilder and business park developer Artisan (UK) says its first half trading fell short of expectations. 

House sales are slightly lower than expected and a fixed level of marketing expenditure means that margins have fallen.

Commercial business park investors are unwilling to commit at the moment and some have lost their funding. This means that forward sales have been weak.

The investment property division delivered one property in December and should deliver another later in January. Property yields are rising which has affected the value of the investment properties.

Analysts’ were forecasting profits of £2m this year. Management says that it might be possible to achieve that with a strong second half but it is safer to assume that it won’t do that. It would require more interest rate cuts.

The shares slumped 16.5p to 76p.

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