Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Artisan hit by housing slowdown

Interim profits at AIM-listed builder Artisan have been all but wiped out on the back of falling housing demand.

The Cambridgeshire-based group posted pre-tax profits of about £80,000 for the six-months to December.

The group changed its accounting period last financial year and did not table figures for the equivalent period a year earlier, but recorded a profit of more than £975,000 for the six months to September 2006.

Artisan chairman Michael Stevens said the firms residential arm Rippon Homes had experienced a “much more difficult trading period” than its property investment and commercial development divisions and the market remained fragile.

He said: “A lack of consumer demand in the East Midlands and Yorkshire has resulted in fewer sales than targeted”.

Mr Stevens said prices had been static and increased marketing and incentive costs had squeezed margins.

Group revenue for the period was £10.6 million, compared with £15.76 million for the six months to September 2006.

Mr Stevens was “pleased with the contribution” of the commercial division, which generated revenues of £3.7 million, but said new sales were more difficult to secure than expected as a result of market uncertainty and the credit squeeze.