The parent company of Muse Developments reports a 34 per cent fall in profits (From Hampshire Chronicle)
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The parent company of Muse Developments reports a 34 per cent fall in profits
THE parent company of Muse Developments, which is working on the £200 million regeneration of Basing View, has reported a 34 percent fall in full-year adjusted pre-tax profits.
Morgan Sindall Group plc said this fell to £31.3 million for the year ended December 31, 2013, compared to £48.1m in 2012.
However, its revenue rose two per cent to £2.09 billion.
Adjusted earnings per share were 60.9p, down from 92.0p in 2012, while the dividend for the year is 27.0p per share.
The group’s committed order book stands at £2.4 billion, up from £2.2 billion in 2012, and the regeneration and development pipeline grew to £3.0 billion.
During 2013, the national developer, which has offices in London, Manchester, Glasgow and Leeds, continued progress on a number of major urban regeneration schemes across the UK.
Upbeat Mike Auger, regional director for Muse Developments for the South said: “This year we’ve seen a real increase in confidence particularly in the residential sector.
“Construction is underway at a number of our schemes, bringing about much-needed regeneration for our partners.
“We continue to pursue some exciting new opportunities across the region and look forward to the year ahead.”
At Basing View, Muse signed development agreements with Basingstoke and Deane Borough Council for a 15-year, £200 million project which will deliver a 21st century regional business destination. When complete, Basing View will create around 650,000 sq ft of new commercial-led development over 15 acres, promoting and stimulating new investment in the area.
It will include a mix of office space, a business class hotel and other supporting facilities.
According to Muse, the project has the potential to double the number of jobs currently available at the business park to around 10,000.
Muse Developments is currently awaiting a planning decision early this year for the start of Phase One which will be a combined Waitrose and John Lewis at home store.