News blog
Artisan (UK)
- BY: Andrew Hore |
- POSTED: 01/08/2008 |
Artisan (UK) says that its trading performance is slightly below expectations.
Given that Artisan is a housebuilder and property developer and investor that is a creditable outcome.
A review of the company’s land bank and investment portfolio appears likely to lead to a hefty write-off so the reported figures for the year to June 2008 won’t look pretty. There is likely to be a reduction in the investment yield of Artisan’s investment property portfolio.
The shares fell by 9.25p to 28.5p, valuing Artisan at £2.34m.
Artisan has raised £1.75m from a loan note issue to Aspen Finance, in which Artisan chairman Michael Stevens has an interest. Aspen already owns 29.55% of Artisan’s share capital. The cash will be used in the investment property division.
The company’s revolving credit facility has been extended to 1 July 2010. The interest charge is based on LIBOR rather than the base rate so this will increase Artisan’s interest costs.
The housebuilding business completed 80 homes during the year – well down on the previous year. Artisan doesn’t expect any write downs on the sites on which it is currently building. There will be a provision against another site and the remaining goodwill for the Rippon Homes business is also being reviewed.
The results will be reported in early October.
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