Muse contributes to Morgan Sindall Group full-year results

We have contributed to the financial results released by parent company, Morgan Sindall Group plc, today (Wednesday 26 February) to the London Stock Exchange.

2024 was another record year for the Group, reflecting the high quality of our diverse operations underpinned by the talent and commitment of our people, delivering significant double-digit growth for both adjusted profit before tax and the full year dividend, supported by our high-quality orderbook.

Group revenue increased by 10% to over £4.5bn, while adjusted operating profit before tax was up 19% to £172.5m. The Group’s balance sheet remains strong with net cash of £492m, and its high-quality secured order book of £11.4bn, up 28% on the prior year leaves the Group well-positioned for the future and on track to deliver an outcome for 2025 which is in line with its current expectations.

Following several new partnerships, our development pipeline has seen a significant boost to £4.1bn across four regional offices in the North West, Yorkshire & North East, Midlands, and South. This has grown from £1.8bn in 2023.

New partnerships were formed with public sector partners in Bradford, Manchester, Solihull, West Northamptonshire, Wakefield, and Stevenage.

During 2024, sustainable new places were being delivered with a Gross Development Value (GDV) of £1bn. This includes over 2,000 new homes, of which 44% are affordable. Fifteen new places were under construction with a further 16 expected to commence delivery in 2025.

Regeneration currently being delivered includes Stroudley Walk in Bromley-by-Bow (274 new homes, including 115 affordable), Willohaus in Salford, (100 Passivhaus homes), C2 at Salford Central (196 homes), and Salford Rise at Crescent Salford (major infrastructure and public space).

Ten new places also achieved practical completion, including Eden in Salford (a record-breaking sustainable workplace), Greenhaus (96 affordable Passivhaus homes), Lewisham Gateway Phase 2 (649 BTR and affordable homes, a cinema, workspaces, and retail), Forge Island in Rotherham, and Northshore in Stockton-on-Tees (113 affordable homes).

Planning consents have been secured for mixed-use opportunities at Weston M6, Stockport Exchange, Prestwich Village, Crescent Salford, Earlestown, Oldfield Basin, and Talbot Gateway.

Building on a strong partnership approach, we also launched a new national partnership alongside Pension Insurance Corporation (PIC) and Homes England. Habiko will deliver up to 3,000 sustainable and affordable homes across the country.

ECF, our partnership with Homes England and Legal & General, has been strengthened – doubling in size to £400m.

Over the last 12 months, we welcomed 34 new recruits and has been accredited as a Great Place to Work for the third year running and Investors in People Gold for a decade.

Across each regional office, we continued to support social value initiatives, including becoming a patron of Salford Youth Zone, supporting North London Hospice, sponsoring Salford Red Devils and Blackpool Football Community Trust, and supporting Christmas lights in St Helens and Rotherham.

The Muse Academy, originally launched in 2023, continues to strengthen by supporting T-Level students and the development of an apprentice Trainee Project Manager, as well as appointing a Graduate.

Phil Mayall, Managing Director, said:

“During 2024 we forged new partnerships with local authorities and enhanced our development pipeline. We have strengthened ECF, alongside Homes England and Legal & General, and introduced Habiko – an exciting new approach to delivering sustainable and affordable homes, alongside PIC and Homes England.

“Whether in the South, Yorkshire and the North East, North West, or the Midlands our expert teams continue to work in collaboration with regional partners to deliver ambitious visions for growth, including infrastructure, homes, workplaces, retail, and public spaces.”