Muse in strong position following Morgan Sindall Group’s positive results

23.02.23 4 min read by Ryan Devlin

Our parent company, Morgan Sindall Group plc, has today (Thursday 23 February 2023) posted another strong set of results to the London Stock Exchange, which we’ve once again contributed positively to.

The Group delivered a strong performance in 2022, with significant strategic and operational progress made across the business despite market headwinds. The results were another record for the Group and reflected the high quality of the Group’s operations and the talent and commitment of its people.

Group revenue increased by 12% up to £3,612m while adjusted* profit before tax increased 7% to £136.2m.  The Group’s balance sheet remains strong with net cash of £355m, and with a high-quality secured workload of £8.5bn, the Group is looking forward with optimism.

*Before exceptional building safety charge of £48.9m and intangible amortisation of £2.0m

Our order book and forward pipeline continues to be healthy and 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.

Throughout 2022 we continued to deliver place-changing, area-wide regeneration in partnerships, with the emphasis on sustainability, community and quality. Key highlights include setting up a new Midlands business and being appointed to deliver the £3.2bn, 346-acre Arden Cross regeneration. This will see the creation of a vibrant destination around the new HS2 Solihull interchange, complete with up to 3,000 homes, 6m sq ft of office space and large areas of public spaces.

During the year, we forged a new partnership with Bury Council to deliver a new beating heart for Prestwich village. We also secured planning consents through our JV with Legal and General and Homes England, ECF, to deliver Salford Rise (a suspended boulevard to connect communities in the city), 196 further homes in Salford next to the highly-successful Novella, along with outline planning to bring forward the regeneration of both St Helens and Earlestown town centres.

Construction started on eight new places, including Greenhaus (96 affordable, Passivhaus homes in Salford), Manor Road, Canning Town (355 homes, 50% affordable, as part of a wider 804-home development), the latest phase at Stockport Exchange (64,000 sq ft office and 399-space multi-storey car park), One City Park, Bradford (56,403 sq ft office), the final phase at Hale Wharf, Tottenham, (191 affordable homes with London Borough of Haringey), Forge Island, Rotherham (a new leisure destination in the heart of the town centre), and 113 affordable homes in Stockton-on-Tees, as part of our Northshore regeneration.

Work continued on programmes of regeneration across the UK, including at Eden (one of the UK’s most sustainable office buildings, Lewisham Gateway (649 homes with a range of retail and leisure amenities), New Victoria, Manchester (520 homes with ground-floor amenities) and the final phase at Islington Wharf (providing 106 homes with 50% affordable).

We also completed 166 private new home sales during the year too, with many lined up for 2023.

Finance director, Rosalind Futter, said:

We’re focused on creating inclusive and sustainable places that deliver meaningful and lasting benefits to people in communities up and down the country.”
We’ve had another strong year with some important milestones, including the opening of our Muse Midlands business and being named as preferred development partner for the Arden Cross regeneration. We’ve also continued to deliver people-focused regeneration in places from Stockton-on-Tees to Plymouth and everywhere in between.”
We’ve been working in partnership with the public and private sector for nearly 40 years, with the aim of building a brighter future, together, by solving problems to local issues and creating growth through economic stimulation. This approach creates a platform for us to make places that everyone can be proud of.”

Hear from our Group CEO, John Morgan, and Group CFO, Steve Crummett, by watching the video below.

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