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19 February 2008 - Development company Muse Developments contributed to another set of strong full year results released by parent construction and regeneration group Morgan Sindall plc.
Morgan Sindall, which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration, announced another set of record results for the year ended 31 December 2007. Profit before tax and amortisation has increased 30 per cent to £62.1 million (2006: £47.6 million) on revenue of £2.1 billion up 41 per cent from £1.5 billion in 2006. Adjusted earnings per share grew by 34 per cent to 104.5p (2006: 78.2p), with the total dividend increased by 36 per cent to 38p. The Group’s forward order book has reached £4.3 billion up 30 per cent from £3.3 billion in 2006 representing year-on-year organic growth of 12 per cent.
A strong performance from Muse since joining the Group in July last year has contributed to this result. During 2007, Muse has secured new business worth around £1 billion. Key projects include a £350 million office-led redevelopment of Manchester Victoria Station which Muse is undertaking with Network Rail and Manchester City Council; a £300 million scheme to create a new civic and cultural quarter in Doncaster in partnership with Doncaster Metropolitan Borough Council and a £300 million mixed-use development at Union Square in Swindon alongside The New Swindon Company, Swindon Borough Council, SWERDA and English Partnerships.
Working with Blackpool City Council and ReBlackpool, Muse has also been chosen as the development partner for the £285 million Talbot Gateway scheme which will rejuvenate the famous seaside town’s centre. As part of joint venture company Lewisham Gateway Developments, Muse and partners Taylor Wimpey and the London Development Agency are undertaking the £250 million mixed-use Lewisham Gateway scheme which will include 800 new homes, shops, bars and a new town square as part of the redevelopment of central Lewisham.
The company is also continuing to work in partnership with Reading Borough Council on Chatham Place, a landmark £250 million scheme which will transform the western side of Reading town centre, providing housing as well as high quality commercial and leisure space.
“Our prospects are good for the year ahead,” says Matt Crompton, joint managing director for Muse Developments. “Demand from occupiers remains strong and we are ideally positioned to build on our existing joint venture partnerships and well placed to grow the portfolio alongside landowners looking for developers with the ability to deliver.”
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