Construction group Morgan Sindall has posted an 18% rise in pretax profit, with its urban regeneration division delivering a 36% uplift in operating profit.
Adjusted operating profit across the group increased to £37.5m during the six months ending 30 June, while revenue remained mostly flat at £1.4bn.
The group’s secured order book stood at £4.2bn, up 19% from the year-end, with the regeneration and development pipeline now tallying £3.3bn.
Muse Developments sits within Morgan Sindall’s urban regeneration business, which generated £8.3m in operating profit during the six months to 30 June. Revenue in the division dropped by 29% to £44m.
Muse said it has moved forward on 36 regeneration schemes across the UK. It has 15 projects on site, with a total construction value of £483m, and expects to place a further £825m of construction contracts in 2020.
The company’s order book and forward development pipeline now stands at £2.2bn, with Muse selected as preferred developer on a further three projects this year containing a total gross development value of £350m.
Matt Crompton, managing director at Muse, said: “Some of our highlights include four, complementary phases under way at Salford Central, a major prelet and funding deal at Logic Leeds and residential sales in Brixton, Brentford, Tottenham Hale and Stockton-on-Tees.
“There’s much work still to do, but we’re well-positioned for our full-year expectations, as construction progresses well on a number of projects and residential sales continue positively across the country.”
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