Mace’s 2024 annual report & accounts, published today, show revenue growing by more than 18% to £2.79bn (2023: £2.4bn), a new high for the company, and on course to hit its £3bn target by 2026.
However, operating profit was down 21% at £50.7m because of some problem contracts (2023: £64.3m) and – with finance costs doubling to £12.6m – pre-tax profit was down 30% at £43.2m (2023: £61.7m).
It is Mace’s consultancy business where the big money is made and where directors are focusing on international growth
Mace Consult increased its pre-tax profit by 74% over 2023 to reach £77.7m on revenue up 11% to £686.6m.
Standout appointments for Mace Consult last year included the Hudson Tunnel Project in New York and King Salman International Airport in Saudi Arabia.
In 2024, Mace set the target of doubling the scale of the Consult business by 2030, taking annual revenues to £1.2bn, and it is on track to achieve this.
The contracting business, Mace Construct, generates more revenue but at much slimmer margins. Mace Construct grew revenue by 21% in 2024 to £2.1bn but made a profit before tax of just £15.7m. Projects completed in 2024 included 40 Leadenhall Street in London while new projects secured included the London Gatwick Pier 6 extension and the Daubeny project at Oxford Science Park.
Overall, it was not a great year for Mace Construct, however, as chief financial officer David Allen explained: “Our Construct business had a challenging year. There were significant problems on a small number of projects that were secured pre-covid and which have now been completed. One project had a significant impact on our overall performance. However, the business displayed great professionalism, discipline and resilience in resolving the relevant issues effectively and we have made important adjustments to our strategy to prevent similar risks from affecting the business in the future.”
Group chief executive Jason Millett, who took over that role from Mark Reynolds in January 2025, said: “2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group. We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges.
“We enter 2025 with a strong pipeline and an enhanced leadership team, and are well positioned as we look towards 2030 and beyond.”
Despite the shrinking profits, dividends paid to shareholders increased to £4.35m, up from £3.85m in 2023.
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