Mace achieves record revenue of £2.3 billion

Mace has achieved record revenue and a five-year high for construction turnover in the group’s latest financial results.  

Group revenue last year was £2.36 billion, £464 million (or 25 per cent) more than in 2022 (£1.89 billion), generating an operating profit of £64.3 million, a 94 per cent increase on the prior financial period. 

The business also declared record pre-tax profit from continuing operations for the group last year of £61.7 million, up 68 per cent on 2022 (£36.7 million). 

Last year (2023) also marked the halfway point in the delivery of Mace’s 2026 Business Strategy, which targets growing annual revenues to £3 billion by 2026. 

Meanwhile, net assets rocketed 42 per cent last year to £76.1 million, and group cash reserves also rose to £175.8 million, a 14 per cent increase on the year before. 

Mace’s construction business saw revenues leap to £1.73 billion (2022: £1.38 billion), with 60 projects won during the year with an aggregate value of £2.36 billion.  

Major milestones included the completion of two projects for Landsec: n2, an 18-storey office space in Victoria, and The Forge, the “UK’s first net zero office development”. 

Its consultancy business also grew its revenue to £619.4 million, an increase of 24 per cent from 2022.   

Mace sold its facilities management business last year and announced it is stepping back from direct property development. 

Mace chairman and chief executive, Mark Reynolds, said: “Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert – a purposeful and sustainable business; and 2023’s results show that we are well on the way to making that a reality. 

“Much of our growth in 2023 came from securing major consultancy programmes around the world. Our delivery partner expertise means that Mace is one of the few credible global consultants that is able to provide clients with the confidence they need to deliver complex projects at scale with rigour and discipline. 

“Mace’s fantastic teams continue to push our industry forward; driving innovation, sustainable delivery and purpose-led growth across the world, working with our clients to transform how we deliver. I am honoured to be part of a global team who are helping to transform the built environment.” 

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