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 £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 “challenging” 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: “These 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.”
The loss followed land writedowns that totalled £63.3m. Turnover fell 17% from £402.2m to £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 £199,000 to £193,000.
The pay of the highest paid director at parent company Bloor Holdings fell from £1.55m to £969,000.
Turnover at Bloor Holdings, which includes a small plant hire firm and the £284m-turnover Triumph Motorcycles business, fell slightly from £629.6m to £627.6m.