Muse, the nationwide placemaker, has contributed to the positive performance of its parent company Morgan Sindall Group, with its growing order book. The Groups Half Year results for 2025 have been published today (29th July) on the London Stock Exchange.
Today’s results continue to represent our strong track record of delivering growth over the long term, with revenue up 7% to £2.4bn, profit before tax up 37% to £95.9m, supported by a PBTA margin of 4% – an expansion of 80 basis points when comparing to this time last year.
Over the last six months Muse has continued to build on its prior year successes by converting opportunities to signed development agreements. This success has meant that Muse’s order book currently stands at £4.6bn – a 150% increase since this time last year – with a further £0.7bn of opportunities at preferred bidder stage.
This progress underpins a long-term commitment to delivering meaningful change for communities across the UK by creating places where people want to live, work, visit, and grow.
New long-term strategic partnerships have been formed or strengthened. Muse have continued to build on its prior year successes in the first half of 2025 by converting five schemes previously at preferred bidder stage to signed development agreements, while also converting several opportunities into preferred bidder schemes.
This includes an agreement between Muse and Durham County Council for the first phase of an innovation district at Aykley Heads, while Prince’s Gate was a further site added to the existing partnership with Oldham Council.
Additionally, ECF – the joint venture between Muse, Homes England and L&G, entered new long-term partnerships with local authorities in Northampton and Hull to bring forward major town centre regeneration plans.
The first half of 2025 has also seen regeneration specialist Muse secure six planning approvals with local and national partners, including for all six of its Oldham Town Centres sites, a new neighbourhood in Wolverhampton known as Smithgate, a Transport Interchange in the heart of St Helens and a Culture Hub in Wythenshawe – the first part of £500m plans to transform the town centre.
Muse has additionally submitted planning applications for the 1600-home regeneration of Mell Square in Solihull and 244 affordable homes in Horsham.
With regional offices in London, the Midlands, North West, and Yorkshire & the North East, the delivery of new homes, retail, leisure, workplaces and public spaces has continued across the country.
Over the last six months, six projects have started on site and by the end of 2025 a further six starts are anticipated, bringing the total to £277m Gross Development Value (GDV). This is expected to grow again next year with a further 15 coming to site with a GDV of £465m.
Muse has also made progress across other active projects, including on Willohaus, a second affordable Passivhaus housing scheme at Salford Crescent, and achieved practical completion on the Civil Service Hub at Talbot Gateway in Blackpool with a further 53,000sqft office currently on site for up to 1,100 MOD employees from Defence Business Services who will relocate to the town centre to boost the local economy.
To support this growing delivery pipeline Muse has invested in its partnership approach with the strategic hire of a new Managing Director of National Partnerships, alongside the appointment of a new Head of Residential.
As a business, Muse has strengthened the positive impact it is making in the communities where it works. This includes the official opening of the Salford Youth Zone in which Muse are patron donors, achieved RESI awards for ‘Outstanding Contribution to Affordable Housing’, and published its second “Our Sustainable Future Report”. This report shares progress on the delivery of sustainable new places and operations as a responsible business.
The Muse Academy also hosted new T-Level students and continued to support the professional development of an apprentice Trainee Project Manager and Graduate Development Manager.
Phil Mayall, Managing Director at Muse, said: “We are proud to contribute to the performance of our parent company Morgan Sindall Group, with our growing order book.
“Over the last six months we are pleased to have continued our strategic planning for the future, expanding our development pipeline across the North West, Midlands, Yorkshire & North East and the South to £4.6 billion.
“By investing in the future, we are helping to create a bedrock for delivery at a significant moment for the country. This is supported by our appointment of several strategic senior hires which will help ensure Muse continues to deliver high quality regeneration and placemaking in partnership.
“Across the business there are numerous examples of our teams securing milestone planning approvals, forming or growing new relationships with local partners, and acting as genuine delivery partners with projects moving forward. We are excited to build on this in the coming months and years.”
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