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Housebuilder Barratt has an 拢11.5m loss in full year results out today, on the back of flatlining revenue.

The builder said the loss for the 12 months to June this year, was down from the 拢162.9m reported in 2010, and came on turnover of 拢2.04bn, exactly the same as last year.

However, it managed to increase its operating profits before exceptional items by 50%, raising its margin from 4.4% to 6.6%. It was hit by 拢54.2m in exceptional items, mostly down to the re-financing of its debt in May, as well as a 拢65m 鈥済ross impairment鈥� after it reviewed the value of its land bank.

Chief executive Mark Clare said the outlook for the housing market remained 鈥渃hallenging鈥� despite greater stability in the last 6 months of the year. He said that since the year end in June, sales had been 鈥渋n-line with normal seasonal trends.鈥�

Clare said: 鈥淭his has been a year of good progress against a challenging backdrop, particularly in the first half of our financial year. We have achieved a 50% increase in profit from operations before operating exceptional items, agreed terms on 8,861 plots of land, were awarded HBF Five Star status for a second consecutive year, and refinanced our business until 2015.

鈥淲e are well placed to secure further margin growth although the housing market is likely to remain challenging.鈥�

The firm also said Barratt had continued to drive down construction prices over the year, forcing a 1.4% reduction in prices, and it would continue to put pressure on this over the year.

Clare said the business spent 拢450m buying land for over 8,000 plots over the year, raising the money owed by the group on deferred purchases of land to 拢700.7m from 拢566.8m a year ago. Barratt also launched a new range of house types today.