Cambridgeshire-based developer to ride out economic storm with freeze on buying and overhead cuts

Housebuilder and business-park developer Artisan has stopped buying land after seeing developments hit by current market conditions.

In an AGM statement, the Cambridgeshire-based developer鈥檚 chairman Michael Stevens said: 鈥淩ather than buying land in current market conditions, we are seeking out opportunities to gain positions on sites for future development only once the market improves.鈥�

The firm said that although it had performed 鈥渃reditably鈥� over the year to the end of June, since then there had been a 鈥渟ignificant deterioration in the market for both our residential and commercial development operations, with activity levels lower than the corresponding period last year.鈥� The firm said it had taken a number of steps to weather the storm, including overhead reductions.

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