Yorkshire projects on track as Morgan Sindall sails on
The property giant increased earnings by 14% compared to the previous six months, as developments in Bradford and Rotherham progressed towards completion.
Morgan Sindall said that the positive results were due largely to a strong performance from its fit-out division Overbury. While revenue reached £1.9bn, Morgan Sindall Group also increased its profit in the half-year to 30 June 2023.
The company made £59.8m before tax, a 10% increase compared to the second half of 2022. Morgan Sindall ended the period with net cash of £263m, down £11m compared to the previous six months.
Key highlights in Yorkshire included the English Cities Fund – development arm Muse Places’ joint venture with Homes England and Legal & General – being chosen to partner Bradford City Council on the 1,000-home City Village regeneration opportunity.
Also in Bradford, construction is almost complete at One City Park, a 56,403 sq ft BREEAM Excellent office scheme.
Muse is also working in partnership with Rotherham Council on a family-led leisure destination called Forge Island, where work has progressed at pace – a bridge linking the £47m scheme to the town centre was installed in June.
Managing director for Yorkshire and the North East, James Pitt, said: “We’ve had a strong start to the year as we continue to deliver people-focused regeneration across the region.
“We have continued, alongside our joint venture partners, to expand our reach, entering into a new agreement in Bradford and continuing our work with local authority partners, all of which is a clear endorsement of our track record and the tenacity and passion of our team.
“Delivering what communities truly need can greatly be enhanced in partnership with both the public and private sector and we’ve been doing that for nearly 40 years. It’s all about building a brighter future, together, and by creating a platform for us to make places everyone can be proud of.”
Overall, Muse has 19 projects on site totalling £1.34bn. Its forward pipeline stands at £1.7bn.
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