Stockport Exchange partner makes positive contribution to parent group’s full year results

Urban regeneration specialist and Stockport Council’s delivery partner on Stockport Exchange, Muse Developments, has contributed positively to full year results posted by its parent company, Morgan Sindall Group plc.

2021 has been an excellent year for the Group, with a record set of results: revenue rose 6% from 2020, delivering an adjusted operating profit of £131.3 million on revenue of £3.2 billion. The Group reported a secured order book of £8.6 billion, up 4% on the year end. With a strong balance sheet and net cash of £358 million, the Group is confident of achieving another good year of progress in 2022.

Throughout 2021, town centre repurposing expert, Muse, continued to deliver its unique brand of urban regeneration and place-changing developments through collaborative partnerships, such as with Stockport Council, where Stockport Exchange is one of the flagship schemes within the town centre’s £1 billion regeneration. Following the successful delivery of 1 and 2 Stockport Exchange, plans for latest phase of development were accelerated in 2021. Beyond Stockport, the company hit key milestones on a number of schemes, with 15 projects on site, with a gross development value of £980 million and a further 17 projects expected to start on site in 2022.

Muse’s order book and forward development pipeline now stands at £2.6 billion, an increase of £200 million on the prior year end. Other projects commenced or completed in 2021 include HMRC’s new 157,000 sq ft regional hub, Three New Bailey at Salford Central, the 115,000 sq ft ‘net zero in operation’ office development, Eden, a 175,000 sq ft new northern headquarters for BT, both also in Salford.

During the year, the company revealed its industry-leading sustainable development strategy, ‘Our Sustainable Future’; a transparent and clear approach which sets minimum sustainability and social value standards for its developments. The toolkit, which is underpinned by five key objectives, guides the company in creating sustainable developments that maximise social benefits and enhance the environment for future generations.

Matt Crompton, Managing Director at Muse, said:

“With well-documented challenges on-going in 2021, our colleagues have risen to the challenge once again, continuing to work collaboratively with our partners to deliver place-changing regeneration.

“We remain in a strong position and continue to grow, with a broad range of developments across the UK in a variety of sectors and an extremely healthy forward pipeline.

“Our key focus continues to be, working with our partners to repurpose under-utilised urban areas to create sustainable, diverse and vibrant places driving economic growth, investment and opportunities for local communities.”