Muse contributes to Morgan Sindall Group's half year results

We have contributed to the financial results of our parent company Morgan Sindall Group. The Group’s results for Half Year 2024 have been published today (8^th August) on the London Stock Exchange.

The Group delivered another record set of results in the first half, once again reflecting the high quality of its operations and the talent and commitment of its people. Group revenue increased by 14% to £2.2bn, adjusted operating profit before tax was up 17% to £70.1m and the interim dividend up 15% to 41.5 pence per share. The Group’s balance sheet remains strong with net cash of £351m, and together with its high-quality secured order book of £8.7bn, the Group is well-positioned for the future.

We are currently delivering new places with a Gross Development Value of £877m across the UK and have a development pipeline of £1,830m. We also strengthened our partnership approach with ECF – a joint venture made up of Homes England, Legal & General and Muse – after it doubled in size to £400m.

Over the last six months, working with local partners, we have been on site delivering over 2,000 new homes, and have reached practical completion on new places in Salford, Blackpool, and Stockton-on-Tees.

This includes Eden in Salford, a net zero carbon in operation workspace which has achieved BREEAM Outstanding and NABERS 5.5*, hosting Europe’s largest living wall.

Greenhaus in Salford also reached practical completion – delivering 96 affordable new homes, built to Passivhaus standards – as well as 113 affordable homes at North Shore in Stockton-on-Tees.

With regional offices in London, the Midlands, North West, and Yorkshire & the North East, the delivery of new homes, retail, leisure, workplaces and public spaces has continued across the country.

This includes the Civil Service hub at Talbot Gateway in Blackpool, Forge Island in Rotherham (a new leisure destination), Willohaus (100 new homes) in Salford, and Lewisham Gateway (649 BTR homes, cinema, shops, and public spaces).

We have also continued to deliver the £3.2bn Arden Cross regeneration opportunity facilitated by the HS2 Interchange in Solihull, which will include a HealthTech campus with the University of Warwick.

Our teams across the country have backed local communities by supporting the Blackpool Football Club Community Trust, St Helen’s Inclusive Cheer, and the Salford Red Devils Foundation – as well as working collaboratively with local charity and community hub – The Engine Room – as well as Big Fun Art Adventure in North London.

As a business, we were accredited as a Great Place to Work for the third consecutive year and has now held an Investors in People Gold accreditation for a decade. We have also won 17 awards including Building of the Year (Eden), Design Excellence (One City Place) and Residential and Commercial Developer of the Year in the North West.

Our Muse Academy hosted new T-Level students and continued to support the professional development of an apprentice Trainee Project Manager and has appointed a Graduate Development Manager.

Phil Mayall, Managing Director, said: “It has been another strong six months for Muse, and we are proud to contribute to the financial performance of our parent company Morgan Sindall Group.

“The expansion of ECF, to £400m, will drive further growth potential across the business – alongside our partners at Homes England and Legal & General – continuing to position Muse as an industry leader in the UK.”