Muse contributes to Morgan Sindall full-year results

Muse and Morgan Sindall have reported substantial progress throughout the last year, with Muse making waves within its sustainability targets.

New Victoria Build to Rent development in Manchester. Muse was the developer for the project | Morgan Sindall Group | BTR News
New Victoria Build to Rent development in Manchester. Muse was the developer for the project.

Placemaker Muse has recently contributed to the financial results released by its parent company Morgan Sindall Group plc to the London Stock Exchange.

Overall, the Morgan Sindall Group delivered a strong performance in 2023 against a difficult market backdrop. The results were another record for the Group and reflected the strength and breadth of its operations and the commitment of the team. 

Group revenue increased by 14% to over £4.1bn, while adjusted operating profit before tax was up 6% to £144.6m. The Group’s balance sheet remains strong with net cash of £461m, and its secured order book of £8.9bn up 5% on the prior year, leaves the Group well-positioned for the future and on track to deliver a result for 2024 in line with its current expectations.

With a commitment to sustainability, community and quality, Muse has a strong order book, with a £1.8bn development pipeline. In 2023, 20 projects were under construction with a combined Gross Development Value (GDV) of £1.4bn. Eight projects reached practical completion. With a decentralised business model, Muse has continued to operate across the Northwest, Yorkshire and the Northeast, South, and the Midlands.

“Working with our local partners we have continued to deliver regeneration and new places across the UK. In doing so, we are proud to have made an important contribution to the financial results of our parent company, Morgan Sindall Group plc. Muse has continued to champion best practice in the industry, appointing our first Head of Sustainability and Social Value, and publishing our first progress report on ‘Our Sustainable Future.’ 

“We are proud to have delivered Eden, which has record breaking sustainability credentials. We have established the Muse Academy to support the next generation of placemakers and continue to have a relentless focus on delivering positive social outcomes for the communities in which we operate. Muse has a strong pedigree of working in partnership with the public sector to regenerate towns and cities, grow economies and support communities. With a strong development pipeline, we have a firm foundation and the financial strength to deliver, along with the skills and capability to drive growth.”

Phil Mayall, Managing Director, Muse

Muse has strengthened established partnerships, with regeneration continuing at Lewisham Gateway (649 Build to Rent homes that will be operated by Get Living, retail and public space), Hale Wharf (total of 505 new homes, including 38% affordable) – and includes a Build to Rent scheme acquired by Grainger, Salford Central including record-breaking sustainable workplace Eden, Greenhaus (96 Passivhaus and affordable homes), and Northshore in Stockton-on-Tees (300 new homes, and 79,000 sq ft of commercial space). Completed projects include the New Victoria Build to Rent development in Manchester, One City Park in Bradford and Brixton Centric in London.

The placemaker has also entered new agreements with public sector partners, including regeneration opportunities in Oldham, Stockport, Solihull, Wolverhampton and Bradford. Planning consents have been achieved at Manor Road Quarter (290 homes, along with leisure and amenity space, and Willohaus (100 sustainable Passivhaus homes at the Crescent in Salford).

Last year, Muse appointed its first Head of Sustainability and Social Value and published a progress report on its guidelines and targets for the very highest levels of environmental performance and social impact – ‘Our Sustainable Future.’

The company has been officially accredited as a Great Place to Work for the second year running, as well as one of the best workplaces for Wellbeing and Women. In 2023, the Muse Academy was launched to create opportunities for young people within the placemaking industry.