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10 August 2009 - Property development and urban regeneration company Muse Developments has contributed to a solid set of half-year results released today by parent construction and regeneration group Morgan Sindall plc.
Morgan Sindall, which operates through six specialist divisions of fit out, construction, infrastructure services, affordable housing, urban regeneration and investments, has today announced solid results in line with expectations for the six months to 30 June 2009. The Group’s profit before tax and amortisation of intangible assets was £23.9 million (2008: £33.1 million) on revenue of £1.14 billion (2008: £1.24 billion). The Group’s forward order book stands at £3.6 billion (2008: £4.2 billion). Adjusted earnings per share for the period were 42.6p (2008: 60.9p). The Board has declared a maintained interim dividend of 12.0p (2008: 12.0p).
Muse has contributed to the Group’s overall performance with the company securing development agreements on two major mixed-use urban regeneration schemes in the north of England.
In Blackpool, Muse has signed a £220 million agreement with Blackpool Council to redevelop the North area of central Blackpool over the next decade. The one million sq ft redevelopment will provide high-quality new office space including a range of civic buildings such as council offices, magistrates’ courts and police station, together with a supermarket, hotels, shops, cafés, restaurants and a multi-storey car park.
Muse has also been selected for a £300 million project to deliver a Civic and Cultural Quarter (CCQ) in Doncaster, South Yorkshire. Under the terms of the agreement, Muse will redevelop the Waterdale area of the town for Doncaster Council. The first phase of the development, which will include council offices and a new performance venue, is expected to be complete by early 2012.
In Reading, the company is continuing to work 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. The company recently achieved practical completion of 211 apartments at Chatham Place.
"Despite challenging market conditions, our partnership-based business model, combined with a number of projects spread across a wide range of business sectors and geographical areas, has enabled us to perform favourably compared with many of our peers so far this year" says Matt Crompton, joint managing director for Muse Developments. "We are continuing to secure key regeneration projects and pursue new development opportunities in 2009. This success has been helped by Muse’s long-standing reputation as long-term players in the property development and urban regeneration markets."
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