Strong start to year for '˜Gateway' firm in Blackpool
The parent company of the firm that is helping to shape the new look of Blackpool has reported strong profit growth.
Urban regeneration and property development company Muse Developments, contributed to half year results by parent company Morgan Sindall Group plc.
Muse is carrying out the £220m Talbot Gateway regeneration scheme in Blackpool.
The Group has reported operating profit before amortisation and exceptional operating items up 17 per cent to £18.2m on revenue of £1,148m.
The Group reports an order book of £3,148m, an 11 per cent increase from £2,826m, supported by a £3.2bn pipeline of regeneration schemes, up one per cent on the previous year end position.
Adjusted earnings per share saw a 22 per cent rise for the period to 29.8p (.
The group, in astatement, said: “The interim dividend has been increased by eight per cent to 13p per share with the Group on track to deliver a full year result slightly above previous expectations.
“It’s been a strong start to the year for Muse with £400m of construction contracts currently on site and the combined order book and forward development pipeline maintained at £2.4bn.”
The company said work was progressing on the design of a new town centre hotel, which is proposed to form the second phase of Muse’s Talbot Gateway scheme in Blackpool.