Morgan Sindall profits top £144m
The construction and regeneration group, busy on projects across the region, recorded income exceeding £4bn in 2023, while pre-tax profit rose almost 70% year-on-year.
Morgan Sindall Group posted a positive set of annual financial figures to the London Stock Exchange today, with regeneration arm Muse, which has a project portfolio including Bradford and Rotherham, playing its part.
MS’s revenue for the year ended 31 December 2023 came it at £4.1bn, up 14% compared to the £3.6bn brought in during 2022.
Unadjusted pre-tax profit rose sharply from £85.3m to £144.6m last year despite widespread economic unrest.
“2023 was another record year for the group and these strong results reflect the high quality of our operations and the talent and commitment of our people,” said group chief executive John Morgan.
“Despite facing market headwinds in the year and the disappointing losses in property services, the diversified nature of our operations and capabilities has allowed us to continue to make significant strategic and operational progress.”
He added: “In addition, our focus on positive cash flow together with our strong balance sheet has positioned us well to benefit over the long term from the opportunities available in our markets.”
National placemaker Muse reported a strong order book, with a £1.8bn development pipeline.
In 2023, 20 projects were under construction with a combined GDV of £1.4bn. Eight projects reached practical completion.
Across Yorkshire and the North East, Muse has continued to deliver regeneration at Northshore in Stockton-on-Tees, starting the final phase of 113 affordable homes.
Topping out was achieved at Forge Island, Rotherham, a £47m mixed use retail and leisure destination, while in Bradford, the One City Park office was completed, the city’s first major new office building in two decades – a development that since year-end has attracted a blue-chip anchor tenant in PwC.
Muse, on behalf of the English Cities Fund, also signed a pre-development agreement with Bradford Council to work in partnership alongside West Yorkshire Combined Authority and Homes England to deliver City Village, an opportunity for up to 1,000 new homes.
James Pitt, managing director at Muse for Yorkshire & North East, said: “Working in partnership across Yorkshire and the North East, we have continued to deliver impactful regeneration. This includes landmark projects such as One City Park in Bradford or The Forge in Rotherham, which will have significant and positive impacts for local communities.
“As part of the wider Muse business 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 have 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.”
