Muse makes big contribution to Morgan Sindall Group's half year results due to Manchester developments
Muse, the nationwide placemaker, has contributed to the positive performance of its parent company Morgan Sindall Group, with its growing order book.
Muse has had revenue up 7% to £2.4bn, profit before tax up 37% to £95.9m, supported by a PBTA margin of 4% - an expansion of 80 basis points when comparing to this time last year.
Over the last six months Muse has continued to build on its prior year successes by converting opportunities to signed development agreements. This success has meant that Muse’s order book currently stands at £4.6bn – a 150% increase since this time last year – with a further £0.7bn of opportunities at preferred bidder stage.
Muse has converted five schemes previously at preferred bidder stage to signed development agreements, while also converting several opportunities into preferred bidder schemes.
This includes an agreement being made for the redevelopment of Eccles Town Centre, the latest strategic project partnership between Muse and Salford City Council, while Prince’s Gate was a further site added to the existing partnership with Oldham Council.
The first half of 2025 has also seen regeneration specialist Muse secure six planning approvals with local and national partners, including for all six of its Oldham Town Centres sites, a Transport Interchange in the heart of St Helens, 189 affordable homes at Salford Central, and a Culture Hub in Wythenshawe – the first part of £500m plans to transform the town centre.
It has also submitted planning applications, including for 42 affordable homes at Crescent Salford.
Muse has also made progress across other active projects, including on Willohaus, a second affordable Passivhaus housing scheme at Salford Crescent, and Salford Rise, a major infrastructure and public space project.
As a business, Muse has strengthened the positive impact it is making in the communities where it works. This includes the official opening of the Salford Youth Zone in which Muse are patron donors.
Phil Marsden, Managing Director at Muse – North West, said: “We are proud to contribute to the performance of our parent company Morgan Sindall Group, with our growing order book.”
He said: “Over the last six months we are pleased to have continued our strategic planning for the future, making an important contribution in North West to the growth of Muse’s wider development pipeline of £4.6 billion.”
Adding: “By investing in the future, we are helping to create a bedrock for delivery at a significant moment for the region and country. We have been pleased to have secured milestone planning permissions in the North West, including for all six of our Oldham Town Centre sites and a Transport Interchange in the heart of St Helens, while also submitting a planning application for 42 affordable homes at Crescent Salford.
He said: “Equally, we have been delighted to have made good progress on the delivery of Willohaus, a second affordable Passivhaus housing scheme at Salford Crescent. As a key regional partner, we are excited to build on this progress, ensuring we continue to deliver high quality regeneration and placemaking in partnership.”