Mace’s revenue passes £2bn mark
17 July 2024
UK-based Mace has seen its revenue pass the £2 billion mark, driven by an expansion of global consultancy work and a five-year high for construction revenue.
The company reported revenue of nearly £2.4 billion (US$3.1 billion), which was 25% higher than in 2022.
Its profit before tax from continuing operations jumped 68% to £61.7 million (US$80.4 million).
Its consultancy business increased revenue by 24% over the year to £619.4 million (US$807.2 million), driven by new work on global programmes in Asia, the Middle East, the Americas, UK and Europe, including the One Za’abeel tower in Dubai.
Its construction business saw an increase in revenue to £1.7 billion (US$2.3 billion), with 60 projects won during the year at an aggregate value of nearly £2.4 billion (US$3.1 billion).
Mace also reported that it increased spending on research and development by 19.3% to £68 million (US$88.6 million) for the year. The business is targeting revenue of £3 billion by 2026. It is also targeting a saving of 10 million tonnes of client carbon by 2026, having saved 1.8 million tonnes so far.
The group also announced a leadership succession plan in May this year. In January 2025, group chairman and chief executive Mark Reynolds will become executive chairman and Jason Millett will take over as chief executive.
