Redrow chief executive Neil Fitzsimmons says the firm will focus on expanding its regional network and mixed-use regeneration workload.
Fitzsimmons said he wanted to expand Redrow's brand in the south-east of England, where it has not had a strong presence. He added that Redrow was preferred bidder on a £190m regeneration project around Guildford station in Surrey on behalf of Network Rail. He said that Redrow would be bidding for similar projects.
Overall Redrow has a pipeline of regeneration projects with a value of more than £750m.
The firm reported a 22% fall in pre-tax profit to £53m for the six months to 31 December. Fitzsimmons blamed a difficult market and the timing of the delivery of some of its "In the City" apartments.
Fitzsimmons would not be drawn on whether Redrow was planning any acquisitions. Turnover fell 9% to £338.9m. Completions were slightly down from 2111 to 2077 and average selling price fell from £176,700 to £163,100.