Healthy order book for developer as it forecasts even stronger year ahead
Developer Muse, which has a base in Leeds, has contributed to a strong set of results released today by parent company Morgan Sindall Group.
The Group reported significant strategic and operational progress made across the business despite market headwinds.
Group revenue increased by 12% up to £3.6bn while adjusted pre-tax profits rose 7% to £136.2m.
The Group’s balance sheet remains strong with net cash of £355m and a secured workload worth £8.5bn.
Muse’s order book and forward pipeline continues to be diverse, with 16 projects on site totalling £1.2bn and a further five projects due to start on site in 2023 with a value of £334m. Its forward pipeline stands at £1.8bn.
Key highlights for Muse in 2022 include setting up a new Midlands business and being appointed to deliver the £3.2bn, 346-acre Arden Cross regeneration.
Muse’s Yorkshire and North East business started construction on three place-changing projects during the year.
One City Park a 56,403 sq ft speculative office in Bradford city centre, Forge Island, Rotherham, which is sold out to a range of occupiers, including The Arc Cinema and Travelodge, and the provision of 113 mixed-tenure affordable homes at Northshore in Stockton-on-Tees, being delivered in partnership with registered provider, Thirteen, Tees Valley Combined Authority and Homes England.
Yorkshire and North East managing director, James Pitt, said: “We’re focused on creating inclusive and sustainable places that deliver meaningful and lasting benefits to people in communities in the North of England.
“We’ve had another strong year across our region with some important milestones, securing forward funding and placing building contracts to accelerate people-focused regeneration in Stockton-on-Tees, Rotherham and Bradford.
“We’ve been working in partnerships for nearly 40 years, with the aim of building a brighter future, together, by solving complex problems to local issues and creating growth through economic stimulation.
“This approach, coupled with our tenacious Leeds-based team, creates a platform for us to make places that bring people together and we’re looking forward to an even stronger 2023.”
