Healthy pipeline of works for regeneration specialist
Leeds and Manchester-based developer and regeneration business, Muse, has contributed positively to parent company, Morgan Sindall Group plc’s robust half-year results.
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 says its 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 regeneration projects across the region.
Key highlights in Yorkshire include The English Cities Fund (ECF) – its joint venture with Homes England and Legal & General – partnering with Bradford City Council to unlock the potential of the City Village regeneration opportunity, which could see a new 1,000 homes community in the heart of the city centre.
Construction continues at a number of locations across the region, including One City Park, Bradford – a 56,403 sq ft BREEAM Excellent speculative office – and, in partnership with Rotherham Council, a new family-friendly leisure destination in Rotherham town centre, known as Forge Island.
Muse has also appointed its first head of social value and sustainability, Syreeta Bayne.
Managing director for Yorkshire and the North East, James Pitt, said: “We’re focused on creating sustainable places that really matter to people, which are both inclusive and leave a positive legacy for generations to come.
“We’ve had a strong start to the year as we continue to deliver people-focused regeneration.
“We have continued, alongside our joint venture partners, to expand our reach, entering into a new agreement in Bradford and continuing our work with local authority partners.
“Delivering what communities truly need can greatly be enhanced in partnership with both the public and private sector and we’ve been doing that for nearly 40 years.”
