Wednesday, September 23, 2020

Muse Developments contributes to parent company’s half year results

Urban regenerator and property development company, Muse Developments, has contributed to half year results by parent company Morgan Sindall Group, the construction and regeneration group.

Morgan Sindall Group delivered results for the half year to 30 June 2020 which were unsurprisingly impacted by the COVID-19 pandemic, with adjusted profit before tax down 57% to £15.7 million and revenue down 4% to £1,363 million.

However, the Group’s balance sheet remains strong, with average daily net cash in the period increasing to £153m and period end net cash of £146 million. With its secured workload up 5% to £8 billion, the Group said it is confident of future success and growth.

Muse, which has an office in Leeds, continued to deliver new places through collaborative partnerships during the first half of the year safely and in line with current government guidelines.

The company currently has 17 projects on site, with a gross development value of £392 million, and is expecting to begin construction on a further 11 projects in the second half of 2020. Planning consent was achieved on four projects with a total development value of £70 million.

The company’s order book and forward development pipeline now stands at £2.3 billion. In addition, preferred developer status was secured on three major new projects in Bradford, St Helens and Salford. The latter two projects are through its joint venture with Legal & General and Homes England – The English Cities Fund.

Activity in Muse’s logistics portfolio remains strong, with construction of a 195,000 sq ft unit continuing at Harrier Park Hucknall for leading educational resource provider, RM Resources, as well as the completion of 361,000 sq ft distribution hub for Amazon and further plots underway at its flagship Logic Leeds scheme.

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