The company said its profit was affected by its £170m share buyback last autumn, a move that was intended to increase shareholder value.
Redrow has increased its gearing to 60% of its asset value, or £112m of debt.
Although turnover in Redrow's small commercial division fell by more than half to £4.3m, its profit remained constant at £1.8m. The average selling price of a Redrow house in the UK increased marginally to £120,200, and forward sales were up at the end of the year at 1266 units. These are worth £176m, 32% higher than last year.
Robert Jones took over as chairman from Redrow's founder, Steve Morgan, earlier in the year.
Redrow said about 60% of the company's landbank is brownfield sites and that these take "at least as long" to go through planning as greenfield sites.