Major Yorkshire schemes contribute to Morgan Sindall results

URBAN regeneration and property development company Muse Developments which is delivering major schemes across Yorkshire, today highlighted its contribution to half year results released by parent company Morgan Sindall.

Announcing its results for the half year ended June 30, the national construction and regeneration group, Morgan Sindall, reported profit before tax of £15.4m, 24% down on the H1 2012 figure of £20.3m. However, revenue of £1.02bn was up 2% on the previous year (HY 2012: £1bn) and the firm’s order book is up 1% from FY 2012.

Morgan Sindall, which has offices in Leeds, has started construction on a 60,000 sq ft office building pre-let to KPMG in Sovereign Street – the largest new build office in the city centre since 2006. British Steel Pension Fund is forward funding the scheme for Muse in a landmark deal which has enabled work to start.

Construction has also begun on Phase One at Logic Leeds – the largest scheme within Aire Valley Leeds Enterprise Zone. In Doncaster, construction has now begun on the first phase of residential at the £300m Doncaster Civic and Cultural Quarter (CCQ).

Dan Needham, regional director for Muse Developments in Yorkshire, said: “We have had a great start to the year, with construction beginning across the region. The increase in construction and our ability to negotiate a pre-let and finance deal at Sovereign Street in this more challenging market, demonstrates our tenacity and flexible approach in bringing major regeneration projects forward.”