The company behind the regeneration of South Shields town centre has seen its half-year profits increase.
Urban regeneration and property development company Muse Developments has made a significant contribution to parent company Morgan Sindall Group plc’s results.
The Group has delivered strong profit growth in the first half of this year with operating profit up 37% to £24.9m (HY 2016: £18.2m) on revenue of £1,307 m (HY 2016: £1,148m), a 14% increase on the previous half year.
During the first six months of this year, Muse moved forward on 23 projects with a total construction value of £385 million.
The company says it also expects a further £227 million of contract awards over the next 12 months.
Muse’s South Shields development - in partnership with South Tyneside Council - include building the new transport interchange on the site of the town’s existing Metro Station.
This is a key part of the next phase of South Shields 365, a £100 million regeneration scheme in the town centre and work on the site is due to start early next year.
The first phase was completed last year with the delivery of the multi-award-winning new library and digital media centre The Word in South Shields Market Place and improvement works to the adjacent market area.
The scheme aims to create 140,000 sq ft of retail and leisure facilities.
David Wells, regional director for Yorkshire, North East and East Midlands at Muse Developments, said: “It’s been a strong start to the year for Muse, with significant progress on many of our regeneration schemes across the region.
“Achievements in the North East include The Word, part of our South Shields 365 regeneration project, scooping a raft of awards including a RIBA National award and work commencing on the third phase of residential development at our Northshore scheme in Stockton on Tees.”