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24 Feb 2009 - Muse Developments has contributed to another record set of full year results released today by parent construction and regeneration group Morgan Sindall plc.
Morgan Sindall, which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration, has announced strong results for the year ended 31 December 2008.
Profit before tax and amortisation has increased 15 per cent to £71.4 million (2007: £62.1 million) on revenue of £2,548 million up 20 per cent from £2,115 million in 2007. Adjusted earnings per share grew by 22 per cent to 127.8p (2007: 104.5p), with the total dividend increased by 11 per cent from 38p to 42p. The Group’s forward order book currently stands at £3.7 billion (2007: £4.3 billion).
A solid performance from Muse has contributed to this result with the company currently delivering a number of large mixed-use urban regeneration schemes.
In Swindon, Muse has signed an agreement with a public sector consortium comprising the Homes and Communities Agency, South West of England Regional Development Agency (SWERDA) and Swindon Borough Council to deliver Union Square, a £350 million mixed-use development which will regenerate the heart of Swindon. The project will provide up to 160,000m² of high quality office space and homes, 25 per cent of which will be affordable. It will also help to regenerate the town’s leisure facilities, providing new shops, restaurants cafés and a new hotel.
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. In 2008, Muse successfully completed and sold a £15 million, 96-unit apartment building at Chatham Place for Catalyst Housing Group.
The company is also working on a number of major schemes as part of English Cities Fund. In Plymouth, Muse is carrying out the £335 million Plymouth Millbay regeneration in conjunction with SWERDA, Plymouth City Council and English Partnerships to transform a 15-acre harbour-side area into a vibrant new waterfront community. 2008 saw the completion of a 134-unit residential building at Millbay, which has been part forward sold to Sarsen Housing Association.
As shareholder and development manager for English Cities Fund in Liverpool, Muse is working with Liverpool Vision, Liverpool City Council, NWDA and GoNW at St Paul’s Square, a £300 million mixed-use development which will provide office accommodation, apartments, retail space, a restaurant and car parking at the gateway to the city’s new Central Business District. In 2008, Muse successfully completed and sold the £50 million, state-of-the-art office building created as part of the project’s second phase.
The company has also delivered a £20 million headquarters for the Greater Manchester Police in Ashton-under-Lyne as part of the Ashton Moss development, a scheme worth more than £250 million which the company is undertaking with Stayley Developments. Located off junction 20 of the M60, the 81-hectare development site offers 1.4 million ft² of high quality industrial, retail and leisure accommodation.
“Muse has had a very good year increasing both our revenue and operating profit considerably and completing more than 700,000ft² of high quality office, retail, industrial and leisure space,” says Nigel Franklin, joint managing director of Muse Developments. “Over the past two decades the business has established a leading reputation for delivering successful regeneration projects in city centres across the country. While the commercial and residential property markets have softened, working in partnership with major landowners gives us an excellent platform for growth when the market picks up. Already, Muse is well-positioned for several new large-scale redevelopment opportunities which we expect to come on-stream this year.”
Ends.