The property development company behind Plymouth's £160 million Millbay regeneration scheme has contributed to its parent company's healthy half-year results.
Muse Developments is part of construction and regeneration giant Morgan Sindall Group plc, which yesterday posted an increase in revenue of 2% on the previous year at £1,019 million.
The group reported an exceptional charge of £13 million – a provision against amounts recoverable on some older construction contracts.
Morgan Sindall reported an order book of £3.1 billion, up 1% since the year end, supported by a £2.2 billion pipeline of regeneration schemes. Its interim dividend was maintained at 12p per share.
Construction started this year on the 102-home development at East Quay, part of the Millbay regeneration, in Plymouth, which Muse is carrying out through the English Cities Fund (ECf). The scheme is a joint ven- ture vehicle between Muse, Legal and General Property and the Homes and Communities Agency which aims to transform a 15-acre run-down part of the city into a vibrant waterfront community.
The company said that construction was also progressing well on a development of 48 new homes at Cargo 2 in Plymouth – a mixed development which will see the creation of 14 houses and 34 apartments and retail space.
Muse's Mike Auger, regional director for the south, said: "We've had a great start to the year with construction beginning at a number of schemes across the south of the UK.
"The increase in construction and the success we have achieved in securing funding to unlock a number of stalled projects demonstrates our tenacity and flexible approach in bringing major regeneration projects forward."