investors
Highlights Comment
- Turnover at £4.2m compared to £5.1m in the same period in 2008
- Operating loss before finance, tax and exceptional items reduces to £0.5m (2008: £1.0m loss)
- Residential: currently trading continues at a low level due to the impact of difficult conditions in the mortgage market
- Work in Progress and stock levels reduced, although two new sites opened
- Continued cost cutting measures
Michael W. Stevens, Chairman of Artisan (UK) plc commented,
"Through the six months to 31 December 2009, the Group has seen the residential market stabilising albeit at a low level. The tough economic factors that affected the Group's customers last year have persisted. The residential market continues to suffer from a shortage of mortgage funds for the majority of our potential customers and possibly over cautious mortgage valuations being provided by valuers to mortgage providers. The slowdown in the commercial property market continues to impact on our Commercial Property division."
"Since the end of the period under review, the mortgage market appears to have eased a little with mortgage funds starting to become more easily available and valuers moving towards improved valuations for some residential properties. We will continue to manage the business by balancing sales, production and cash flow and adopting a flexible response as conditions change."