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Strong half year results from Morgan Sindall Group, highlight another positive start to the year for Muse

Nationwide placemaker, Muse, has once again contributed positively to parent company, Morgan Sindall Group plc’s strong half-year results to the London Stock Exchange this morning (Thursday 3 August).

Nationwide placemaker, Muse, has once again contributed positively to parent company, Morgan Sindall Group plc’s strong half-year results to the London Stock Exchange this morning (Thursday 3 August).

The Group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division. Group revenue increased by 14% up to £1,935m while adjusted profit before tax increased 10% to £59.8m. In addition, the Group’s balance sheet remains strong, with net cash at the period end of £263m.

Muse’s order book and forward pipeline continues to be healthy and diverse, with 19 projects on site totalling £1.34bn. Its forward pipeline stands at £1.7bn.

Throughout the first half of 2023, Muse continued to deliver place-changing, area-wide regeneration in partnerships, with the emphasis on sustainability, community and quality.

Key highlights in the North West include being selected as development partner to deliver 2,000 new homes in Oldham and The English Cities Fund (ECF) – its joint venture with Homes England and Legal & General – being selected by Stockport Mayoral Development Corporation to deliver the 1,200 home Stockport 8 transformation.

Construction continues on a number of places across the region, including Greenhaus (96 affordable, Passivhaus homes in Salford); Four New Bailey, Salford (175,000 sq ft regional HQ for BT); Eden, Salford (115,000 sq ft net zero in operation office building and the first new build office building in the UK to be awarded a NABERS 5.5 rating); New Victoria, Manchester (520 new homes for rent and ground-floor amenities for Pension Insurance Corporation); the latest phase at Stockport Exchange (64,000 sq ft office and 399-space multi-storey car park); two new office buildings totalling 150,000 sq ft in the heart of Birkenhead; a new Holiday Inn hotel in Blackpool town centre and new homes in Manchester city centre for Clarion Housing Group.

Construction started on one new place, a 215,000 sq ft sustainable regional HQ for the civil service in Blackpool town centre, as part of its £350m Talbot Gateway regeneration.

As a business, Muse in the North West has grown with a number of significant hires, including Steven Knowles and Chris Bishop, appointed its first Head of Social Value and Sustainability, Syreeta Bayne, and has been accredited as a Great Place to Work for the second year in a row, and has been named as one of the best for both wellbeing and for women.

Managing Director for the North West, Phil Mayall, said: “We’re focused on creating sustainable places that really matter to people, which are both inclusive and leave a positive legacy in communities for generations to come.

“We’ve had a strong start to the year as we continue to deliver people-focused regeneration right across the North West. We have continued, alongside our joint venture partners, to expand our reach, being named as preferred developer on two new major projects and working with new local authority partners, all of which is a clear endorsement of our track record and the tenacity and passion of our team.

“Delivering what communities truly need can only be achieved in partnership with both the public and private sector and we’ve been doing that for nearly 40 years. It’s all about building a brighter future, together, and by creating a platform for us to make places everyone can be proud of.”

Find out more about Muse here.

Read more news from the DIB network here.

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