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Artisan (UK)

  • BY: Andrew Hore |
  • POSTED: 31/03/2009 |

Housebuilder and property investor Artisan (UK) says that there are initial signs of improvement but the lack of mortgages is holding back the recovery.

Sales more than halved to 5.1m in the six months to December 2008. There was a swing from a profit of 80,000 to a 5.24m loss. There were 3.71m of exceptional charges, mainly relating to a goodwill write off for housebuilder Rippon Homes and a reduction in value of the land bank.

The commercial development division was the only part of the business to make a positive contribution in the period.

The house building side hopes to reduce its stock of housing. However, only 15 homes were sold in the first half.

Net debt is 24.7m. A banking covenant was breached at the end of 2008 and the facilities are being renegotiated. Negotiations should be completed in the near future.

At 25.5p a share, Artisan is valued at 2.09m. The NAV is 16.1m. 

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