Urban regeneration and property development company Muse Developments, which has offices in London, Manchester, Glasgow and Leeds, has contributed to half year results released today (2 August) by parent company Morgan Sindall Group plc, the construction and regeneration group.
The Group has delivered strong profit growth in the first half of this year with operating profit before amortisation and exceptional operating items up 17% to £18.2 million (HY 2015: £15.5 million) on revenue of £1,148 million (HY 2015: £1,152 million). The Group reports an order book of £3,148 million, an 11% increase from £2,826 million, supported by a £3.2 billion pipeline of regeneration schemes, up 1% on the previous year end position. Adjusted earnings per share saw a 22% rise for the period to 29.8p (HY 2015: 24.5p). The interim dividend has been increased by 8% to 13p per share (HY 2015: 12.0p) with the Group on track to deliver a full year result slightly above previous expectations.
It’s been a strong start to the year for Muse with £400 million of construction contracts currently on site and the combined order book and forward development pipeline maintained at £2.4 billion.
In Swindon, construction started on a £10 million 27,000 sq ft health centre, pre-let to the NHS for a 20-year term, at the Kimmerfields development in Swindon town centre. The centre is due to open in spring 2017 and will provide a high-quality environment for a wide range of care services. Forward funded by Primary Health Properties, it will sit alongside the 850-space multi-storey car park and assisted living residential building delivered in the first phase. It is expected that two GP practices will serve over 20,000 patients from the new centre and a wide range of commissioned health services will be provided by the three Commissioning Groups of NHS England, the CCG and Swindon Borough Council.
Kimmerfields is a major mixed-use scheme Muse is delivering in partnership with Swindon Borough Council and the Homes and Communities Agency. It will ultimately provide a public square and a series of new streets surrounded by retail and leisure space, a hotel, a new bus interchange, office space and new homes, delivered over a number of phases.
Michael Auger, regional director for the South at Muse Developments, said: “It’s been a strong start to the year for Muse and we’ve seen significant progress on a number of important regeneration projects across the South.
“This year’s highlights so far include the completion of our £100 million Chatham Place scheme in Reading delivering close to 500 new homes and transforming a key part of the town centre, as well as the final phase of 197 new homes completing at our Wapping Wharf scheme in Bristol.
“In Swindon town centre, construction started on a £10m NHS health centre at our Kimmerfields development and in Plymouth, plans for the next phase of 137 new homes at Millbay received planning consent.”