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Mace shows strong 2019 profit growth despite revenue fall

1 Dec 20 Accounts filed by Mace Group for 2019 show a substantial fall in revenue but profits swelling by nearly 50%

Mace chief executive Mark Reynolds
Mace chief executive Mark Reynolds

It was Mace’s 29th consecutive year of making a profit.

In the pre-Covid year to 31st December 2019, Mace Group saw its revenue decline 28% to £1.8bn (2018: £2.3bn).

The drop in revenue was attributed mainly to high income from international data centre business in 2018. International work fell 37% in 2019 to £524m (£2018: £831m).

An additional £688m of work was undertaken on construction management contracts during the year (2018: £713m) but Mace does not include this in group revenue as it has no contractual arrangement with the supply chain.

Consultancy turnover increased by 15% to £314m (2018: £274m). International work fell 37% to £524m (£2018: £831m).

Profit before tax increased to £35.3m. Mace reported a pre-tax profit in its 2018 accounts of £32.8m but that has since been restated to £23.8m using a newer financial reporting standard. This makes 2019’s pre-tax profit £48% up on 2018.

The Mace Consult consultancy business delivered £38.3m pre-tax profit on revenue of £314m in 2019. The Mace Construct contracting business made £45.9m pre-tax profit on revenue of £1,390m. Mace Operate lost £1.4m before tax on revenue of £144m.

Mace has seen 12 construction projects cancelled during 2020 as a result of the Covid-19 pandemic, mostly in the aviation sector.

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