Muse Developments helps Morgan Sindall Group's record results in Hucknall

Muse Developments helps Morgan Sindall Group's record results in Hucknall

Urban regeneration and property development company Muse Developments, which is delivering a £250 million mixed-use scheme at Rolls-Royce Hucknall in Nottinghamshire, has contributed to record preliminary results for the year ended 31 December 2018 released today (21 February 2019) by parent company Morgan Sindall Group plc, the construction and regeneration group.

Morgan Sindall Group plc has delivered record profit for the full year to 31 December 2018, with adjusted profit before tax up 23% to £81.6 million (FY 2017: £66.1 million) on revenue of £2,972 million (FY 2017: £2,793 million), a 6% increase on the previous year. The Group reported a committed order book of £3.6 billion and a regeneration and development pipeline of £3.1 billion. Adjusted earnings per share was up 25% for the year to 151.8p (FY 2017: 121.1p) and total dividend per share increased by 18% to 53.0p (HY 2017: 45.0p). The Group demonstrated continued strength of the balance sheet with year-end net cash of £207 million and an average daily net cash of £99 million. They are in a strong position to deliver on expectations in 2019.

2018 has been a strong year for Muse, with performance in line with expectations and a record profit for the business under Morgan Sindall ownership. The year saw the company moving forward on 36 significant regeneration schemes across the UK. Thirteen projects totalling a construction value of £350 million are currently on site across the UK with Muse expecting to place a further £510 million of construction contracts over the next 12 months. The company’s order book and forward development pipeline now stands at £2 billion and Muse was selected as preferred developer on projects worth a further £0.5bn of gross development value in 2018.

“2018 has been a strong year for Muse, with significant progress on many of our regeneration schemes across the region and we’re looking to continue that momentum into 2019,” says David Wells, regional director for the East Midlands at Muse Developments. “Residential development is progressing at our Watnall Road site in Hucknall where Muse is enabling the delivery of 900 new homes.”

At Rolls-Royce Hucknall in Watnall Road, Muse is currently delivering a major mixed-use industrial and residential scheme in joint venture with Rolls-Royce on the global engine manufacturer’s former 150-acre airfield. Work on the next phase of road infrastructure has been completed, opening 67 acres of industrial space for development. The new road will provide access from the Hucknall bypass into Harrier Park, a new 70-acre manufacturing and logistics park Muse is developing with Rolls-Royce next to the Hucknall manufacturing plant. Harrier Park could create up to 2,000 new jobs and bring a new generation of businesses to Hucknall. Residential development is also progressing on the site where Persimmon Homes and Harron Homes are delivering 900 new homes. Muse is also talking to prospective tenants on the business park.

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