Steering clear of this sector is one of a number of measures designed to put housebuilder on firmer footing

Bloor Homes has said it will avoid building apartments after making a 拢52m loss in the year to 30 June 2008.

The housebuilder, which employs 534 people and operates in south, central and north-west England, described the market as 鈥渃hallenging鈥� and said steering clear of apartments was one of a number of measures designed to put the business on a firmer footing.

A company statement said: 鈥淭hese actions include reducing commitments on land purchases, tightly controlling expenditure on work in progress, renegotiating terms with all suppliers and subcontractors and avoiding exposure to apartment developments.鈥�

The loss followed land writedowns that totalled 拢63.3m. Turnover fell 17% from 拢402.2m to 拢334.6m and the company said it would focus more on social housing schemes.

Completions fell from 1,977 to 1,665 and the average sale price dropped from 拢199,000 to 拢193,000.

The pay of the highest paid director at parent company Bloor Holdings fell from 拢1.55m to 拢969,000.

Turnover at Bloor Holdings, which includes a small plant hire firm and the 拢284m-turnover Triumph Motorcycles business, fell slightly from 拢629.6m to 拢627.6m.

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