Mace’s 2022 accounts, published today, show practically zero growth in turnover on 2021. At £1,936m, Mace’s 2022 turnover was just £3m up on 2021’s £1,933m.
Pre-tax profit was down 5% at £36.5m (2021: £38.3m), although it was Mace’s 32nd consecutive year of profitability.
Profits were impacted by a £13m exceptional impairment of a loan to a development joint venture.
2022 was the second year of the delivery of Mace’s 2026 Business Strategy, whose central objective is growing revenue to £3bn by 2026. Chief executive Mark Reynolds said that despite a number of projects being delayed in 2022, there was enough new work secured to keep that target in sight.
Mace’s consultancy business grew to £500m in revenue, an increase of 36% from 2021. Overseas projects include the Ellinikon regeneration project in Athens and the Metrolinx programme in Toronto.
Revenues in Mace’s construction business dipped to £1.4bn (2022: £1.5bn) but it secured more than £2.1bn of new projects during the year. Construction milestones included the practical completion of Battersea Power Station, described as “one of the most complex construction projects in Mace’s history”.
At year-end Mace recorded a cash position (net of overdrafts) of £130m, up from £127m in 2021.
Mark Reynolds, Mace’s chairman and chief executive, said: “Now two years into our 2026 Business Strategy, we are confident we have the pipeline and growth trajectory to meet the ambitious targets we set out to achieve in 2021, and we will be recruiting 2,000 new colleagues over the next three years and expect to grow the group by a further billion pounds in revenue.
“Across the group, we won significant new projects, programmes and contracts, including significant expansion into new sectors, such as life sciences. We also secured long-term revenue and margin through appointments on some of the world’s largest and most complex infrastructure and regeneration programmes.
“Mace continues 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.”
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