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Marischal Square developer’s owner making profits again

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Morgan Sindall, whose businesses include Aberdeen city centre office developer Muse Developments, has reported a return to the black in 2016.

The London-based construction services group said yesterday it made pre-tax profits of £43.9million last year on revenue of £2.56billion.

This compares with losses of £14.8million on revenue of £2.38billion in 2015.

Morgan Sindall’s order book was up by 29% by the end of last year, to £3.6billion.

Group chief Executive John Morgan said: “These results demonstrate the considerable strategic and operational progress made … over the last few years and the underlying quality of the business.

“We are confident in the outlook and expect the positive momentum across the group to continue through 2017 and beyond.”

Muse, which has offices in London, Manchester, Glasgow and Leeds, contributed to last year’s overall performance with £380million-worth of construction across 19 projects.

The subsidiary reported a “healthy” order book and development pipeline, currently worth £2.4billion.

Construction on the prestigious Marischal Square development in Aberdeen “progressed well” during 2016, Muse added.

Stephen Turner, regional director for Scotland at Muse, said: “2016 was another successful year of working closely with our partners to create vibrant, sustainable and attractive new places for the benefit of communities and occupiers.

“Across the variety of sectors we operate in, there remain opportunities and challenges.

“We’ll continue to identify innovative methods of funding to unlock complex regeneration schemes.

“Construction continues on our Marischal Square scheme in Aberdeen, following the development topping out last November, and is on programme to complete in July this year.”

Around £107million is being ploughed into the Granite City development, with Marriott International, All Bar One, Mackie’s of Scotland and Prezzo already signed up as tenants.

The project will deliver two buildings with nearly 175,000sq ft of offices, about 28,000sq ft of ground floor retail/leisure accommodation, parking and 14,500sq ft of civic space.

Leisure amenities will include a 126-bedroom, four-star Residence Inn by Marriott hotel seven restaurants and cafe bars.

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