Artisan held back by weak housing market

28th Mar 2011 11:36

House builder and business park developer Artisan complained of a lack of mortgage availability and continuing economic uncertainty as it posted bigger losses in the half year to 31 December.Losses per share widened to 8.17p from 5.38p over the same period the previous year on revenues that fell to £2.8m from £4.2m.While trading conditions were difficult during the period, with the market 'bumping along the bottom', chairman Michael Stevens said he saw 'some signs' of improvement."The outlook for the group remains dependent on future market conditions and the availability of financing, but we firmly believe that underlying demand and the desire for new housing products and for new, modern, efficient commercial space remains strong," he said.Artisan owns Rippon Homes, a residential house developer operating in the East Midlands and Yorkshire. The business park development business's activities are concentrated in Cambridgeshire and Hertfordshire.RG