The parent company of the firm behind the controversial Marischal Square redevelopment has revealed “disappointing” profits and income for last year.
However, Morgan Sindall said profits from its urban regeneration division – which includes the activities of Muse Developments – were “particularly pleasing” after growing to £10million from just £1million in 2013.
The London-based construction and infrastructure giant said approval of the planning application for the £107million Marischal Square development had been a “notable” achievement for the company last year, adding that the project was “set to transform a key location in Aberdeen city-centre”.
The company is also looking forward to working on the redevelopment of Warrington town centre and struck an agreement last year with Lambeth Council to deliver a £135million regeneration scheme in Brixton
Stephen Turner, regional director for Scotland at Muse Developments, said: “We have seen significant progress on Marischal Square, which will bring much-needed jobs and investment to a city which remains one of the UK’s leading business destinations.
“The development has already attracted significant interest from a number of national operators seeking to secure a base in the city for the first time.”
Morgan Sindall, which has offices in London, Manchester, Glasgow and Leeds, said revenues grew 6% to £2.2billion in the year to the end of 2014, while pre-tax profits (adjusted) fell 19% to £25.2million.