Artisanal Sp.co Regulatory News (ART)

24 Nov 2009 07:00



ARTISAN (UK) PLC

AGM STATEMENT 2009

At the Annual General Meeting of Artisan (UK) plc, the business park developer and housebuilder, to be held today (24 November 2009), Chairman Michael Stevens will make the following statement: 

"Artisan (UK) results for the year to 30 June 2009 reflected the very difficult market conditions experienced by house builders and developers generally. As trading volumes in both divisions declined, it proved necessary to make significant goodwill impairment and inventory impairment charges as extraordinary items. 

 In the short term without sales value improvements from those prevailing at the year end it will be difficult to generate a profit from these assets. However the residential market seems to have improved modestly although volumes remain low. Encouragingly whilst sales of commercial stock units are still fragile, there are signs that forward sale discussions are starting to move forward having been absent for many months. Although market conditions remain extremely volatile on a short term basis, your Board believes that in the longer term, latent demand for residential and commercial property will result in improved volumes and prices. What is required is the return of confidence in the general economy, of which we are starting to see evidence.

The prevailing conditions have resulted in our divisions instituting even tighter cost controls and significantly lowering staff numbers. Your Board regrets that this has proved necessary and is very aware that this will have created hardships for those individuals who have lost their employment.

I, along with the rest of the Board, are determined that we should position Artisan for growth as the market returns. We will look to assess the feasibility of enhancing organic growth, potential acquisitions of businesses or assets or new property related activities. 

Aspen Finance Limited, the company which holds my interest in shares in Artisan, has now acquired nearly 70% of the issued share capital of Artisan, and now that this level of holding has been achieved we should be able to be more responsive to opportunities in the future. We regard our bank as an important business partner and continue to work closely with them, enjoying their continued support.

Whilst short term prospects remain challenging, I believe that that Artisan has an excellent opportunity for growth as market conditions improve."

Michael W Stevens

Chairman

24 November 2009

For further information please contact:

Company website: www.artisan-plc.co.uk