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.