Muse, the nationwide placemaker, has contributed to the financial results released by parent company, Morgan Sindall Group plc, today (Thursday 22 February) to the London Stock Exchange.
The 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 the Group’s operations and the talent and commitment of its people.
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 high-quality 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.
As a national placemaker, Muse creates successful places across the UK, with the emphasis on sustainability, community, and quality. The company 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 North West, Yorkshire & North East, South, and the Midlands.
Muse has strengthened established partnerships, with regeneration continuing at Lewisham Gateway (649 homes, retail, and public space), Hale Wharf (505 new homes, including 38% affordable), Salford Central including record-breaking sustainable workplace, Eden, and 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 One City Park in Bradford, Brixton Centric in London, and New Victoria in Manchester.
Muse 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, Salford).
Championing best practice in the industry, sustainability, social value, partnership working, and investing in people have supported the development of the business. In 2023, 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.’
Muse 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.
Phil Mayall, Managing Director at Muse, said: “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.”