Strong half year results from Morgan Sindall Group, highlight another positive start to the year for Muse

03.08.23 4 min read by Ryan Devlin

Our parent company has published another strong set of results to the London Stock Exchange this morning (Thursday 3 August 2023), which highlights a positive start to the year.

The Group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division. Group revenue increased by 14% up to £1,935m while adjusted profit before tax increased 10% to £59.8m. In addition, the Group’s balance sheet remains strong, with net cash at the period end of £263m.

The positive momentum across the Group is driven by a high-quality and substantial order book of £9.1bn, up 7% on the year-end position, and which spans a number of sectors across the built environment.

Our order book and forward pipeline continues to be healthy and diverse, with 19 projects on site totalling £1.34bn, with our forward pipeline standing at £1.7bn.

Throughout the first half of 2023, we continued to deliver place-changing, area-wide regeneration in partnerships, with the emphasis on sustainability, community and quality.

Key highlights include being selected as development partner to deliver 2,000 new homes in Oldham and ECF – its joint venture with Homes England and Legal & General – being selected by Stockport Mayoral Development Corporation to deliver the 1,200 home Stockport 8 transformation. ECF also entered into agreements with City of Wolverhampton Council and Bradford City Council to look at development opportunities in those areas.

Construction continues on 15 places across the UK, including the final phase at Lewisham Gateway (649 homes, along with a new family-friendly retail and leisure offer); Greenhaus (96 affordable, Passivhaus homes in Salford); Four New Bailey, Salford (175,000 sq ft regional HQ for BT); Eden, Salford (115,000 sq ft net zero in operation office building and the first new build office building in the UK to be awarded a NABERS 5.5 rating); Manor Road Quarter, Canning Town (355 homes, 50% affordable, as part of a wider 804-home development); New Victoria, Manchester (520 new homes for rent and ground-floor amenities for Pension Insurance Corporation); 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, (256 homes with 191 affordable homes with London Borough of Haringey); Forge Island, Rotherham (a new leisure destination in the heart of the town centre); 113 affordable homes in Stockton-on-Tees, as part of our Northshore regeneration; two new office buildings totalling 150,000 sq ft in the heart of Birkenhead; a new Holiday Inn hotel in Blackpool town centre; enabling works and a new bus depot as part of our Brentford Lock West regeneration and new homes in Manchester city centre for Clarion Housing Group.

Construction started on two new places, including a 215,000 sq ft sustainable regional HQ for the civil service in Blackpool town centre, as part of our £350m Talbot Gateway regeneration, and the delivery of a new neighbourhood at Stroudley Walk in Bromley-by-Bow, which will provide a new mix of 274 homes (51% affordable) and a new high street to breathe new life into the town.

As a business, we promoted Maggie Grogan to Managing Director – Midlands, appointed our first Head of Social Value and Sustainability, Syreeta Bayne, and have been accredited as a Great Place to Work for the second year in a row, as well as being named named as one of the best for both wellbeing and for women.

Finance Director, Rosalind Futter, said:

We’re focused on creating sustainable places that really matter to people, which are both inclusive and leave a positive legacy in communities for generations to come.”
We’ve had a strong start to the year as we continue to deliver people-focused regeneration right across the country. We have continued, alongside our joint venture partners, to expand our reach, being named as preferred developer on two new major projects and working with new local authority partners, all of which is a clear endorsement of our track record and the tenacity and passion of our team.”
Delivering what communities truly need can only be achieved in partnership with both the public and private sector and we’ve been doing that for nearly 40 years. It’s all about building a brighter future, together, and by creating a platform for us to make places everyone can be proud of.”
Lewisham Gateway
Lewisham Gateway

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