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4 August 2008 - Property development and urban regeneration company Muse Developments has contributed to another record set of interim results released today 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, has today announced record results for the six months to 30 June 2008. Profit before tax and amortisation of intangible assets rose by 31 per to £33.1 million (2007: £25.2 million) on an increased revenue of £1.24 billion up 48 per cent from £836 million for the corresponding period last year. The Group’s forward order book stands at £4.2 billion (2007: £4.1 billion). Adjusted earnings per share for the period grew by 48 per cent to 60.9p per share (2007: 41.1p). The Board has declared an increased interim dividend of 12.0p up 20 per cent from 10.0p in 2007.
A solid performance from Muse has contributed to this result with the company currently delivering a number of large mixed-use urban regeneration schemes.
In Reading, the company is working 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. This year has seen the successful completion and sale of a new multi-storey car park and 96 affordable housing units to QPark and Catalyst Housing Association respectively. Work is also at an advanced stage on 211 private residential units of which over half are already sold.
Muse has also made good progress this year on its £300 million mixed-use Lewisham Gateway scheme where it has secured planning permission for 800 new homes, shops, bars and a new town square as part of the redevelopment of central Lewisham.
The company is also working on six major schemes as part of English Cities Fund. In Plymouth, Muse is carrying out the £335 million Plymouth Millbay regeneration in conjunction with SWERDA, Plymouth City Council and English Partnerships to transform a 15-acre harbour-side area into a vibrant new waterfront community. In Liverpool, Muse is working with Liverpool Vision, Liverpool City Council, NWDA and GoNW at St Paul’s Square, a £300 million mixed-use development which will provide office accommodation, apartments, retail space, a restaurant and car parking at the gateway to the city’s new Central Business District.
Muse has also been selected as preferred developer for 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; a £300 million mixed-use development at Union Square in Swindon alongside The New Swindon Company, Swindon Borough Council, SWERDA and English Partnerships; the £285 million Talbot Gateway scheme which will see Muse working with Blackpool City Council and ReBlackpool to rejuvenate the famous seaside town’s centre and, with Urban Splash in conjunction with Tees Valley Regeneration, Stockton Council and English Partnerships, the £300 Northshore development which will extend Stockton-on-Tees town centre.
“The business is currently involved in 30 long-term regeneration projects with the company’s share of the project pipeline valued at £5 billion,” says Matt Crompton, joint managing director for Muse Developments. “Our business model and extensive track record in creating high quality mixed-use developments means that we are well-positioned to take full advantage of the major opportunities presented by the ongoing regeneration of the UK’s urban communities.”
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