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Mon October 26 2020

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Mace grows revenues to £2.3bn

4 Sep 19 Mace saw its pre-tax profit shrink by 8% in 2018 despite a 19% rise in turnover.

Mace chief executive Mark Reynolds
Mace chief executive Mark Reynolds

Mace’s accounts for 2018 show a profit before tax of £32.8m (2017: £35.7m) on group revenue of £2.35bn (2017: £1.97bn).

Construction contributed £1.99bn (85%) of turnover (2017: £1.63bn, 83%). Consultancy turnover increased by 2% to £274m.

It was the first time that Mace turned over more than £2bn. "If we add the £713m of construction management work we did onto this figure, our turnover would have exceeded £3bn," chief executive Mark Reynolds noted in the company's annual report.

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Summarising the financial results, he said: “2018 was a good year for Mace, with a significant increase in revenue and the amount of international work we do rising by a quarter to £831m; reflecting the fact that we are now well established as one of the leading global consultancy and construction businesses.

“Whilst we all face uncertainty in the short to medium term and it is hard to predict how the UK construction and consultancy sectors will fare over the next twelve months, I remain confident that Mace will remain in a strong position. Our 2022 Business Strategy will continue to guide our decision making and will ensure we remain a resilient, responsible and profitable business that offers career-defining opportunities for our people.”

Mace has also announced the appointment of a new chief financial officer to take over from Dennis Hone, who retires at the end of 2019. Dennis Hone joined Mace from the London Legacy Development Corporation in 2014. He will continue to work with Mace as CEO of the Mace Foundation but his successor as chief financial officer will be Richard Bienfait, who joins Mace from student housing provider UPP, where was chief executive.

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