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Fri January 28 2022

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Mace makes it 30 years of profits

8 Dec 21 The Mace Group has filed its 2020 accounts showing a modest slide in revenue and profit for what was, after all, a Covid-impacted year.

Mace’s group revenues for the year to 31st December 2020 were down less than 3% at £1,731m (2019 restated: £1,782m), and 15% down on the £2bn that had been budgeted. Profit before tax was down 4% at £31.9m (2019 restated: £33.3m).

It was Mace’s 30th consecutive year of making a profit, ever since its establishment in 1990.

The 2020 accounts include a £15.5m provision on a development loan to a joint venture.

Construction activities contributed £1.2bn (71%) of the turnover; consultancy turnover, less impacted by Covid, increased by 9% to £342m (2019: £314m); international activities contributed £483m (2019: £524m) to group revenue. The facilities management business, Mace Operate, turned over £114m (2019: £144m). Operate’s decline was down partly to the loss of two key contracts at the end of 2019 and partly due to some clients’ premises being closed during Covid lockdowns.

An additional £447m of construction work was undertaken on schemes where Mace is employed under a construction management contract, where Mace has no contractual arrangement with the supply chain, so this amount is not included in group revenue.

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The company ended the year with a net cash position of £22m (2019: £153m net debt), while external borrowing decreased to £216m from £307m on the back of development schemes being realised.

Average time to pay invoices by the end of the year was 30 days, compared to 26 days in 2019.

Mace’s annual report also reveals that in January 2020 the company was fined £400,000 by Westminster magistrates for health & safety breaches following an incident in October 2016 involving Harry Cook of Ruddy Joinery, an event that appears to have generated no publicity previously.  A separate prosecution was also brought by the Health & Safety Executive against Mace for an incident in 2016 where a traffic marshall was killed by a waste collection vehicle. In June 2020 Mace was found not guilty of charges after the HSE decided to present no further evidence.

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