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Wed May 22 2024

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Solid growth for Shard contractor

23 Jul 12 Mace is on course to reach its target of £1bn turnover in 2012 after reporting a 9% increase in 2011.

Chief exec Stephen Pycroft
Chief exec Stephen Pycroft

Mace has seen its turnover rise from £851m in 2010 to £928m in 2011.

Profit before tax was up 10.5% to £23.2m.

Cash balances increased 10.5% on 2010 to £116m with no debt.

The company is also firmly on track to meet the goal that it set itself last year to grow turnover by 50% by 2015.

Chairman and chief executive Stephen Pycroft, said: “Mace has delivered another solid performance in 2011 despite the continuing global recession and the challenges we still face with the continued downturn of the construction and consultancy markets driven by a decreasing pipeline, shorter margins and longer payment periods.

"Projects awarded during this period such as the Heart of East Greenwich, 5 Broadgate and The New Bodleian Library, not only demonstrate our diversity of expertise but are a solid platform for growth to achieve the ambitious targets we have set ourselves for the future. When Mace won the delivery partner role on the London 2012 Olympics in August 2006 as part of the CLM consortium, we set ourselves some ambitious targets: That by 2012 we would help deliver the greatest and greenest construction project of our times – the London 2012 Olympic Park; build Europe’s tallest building, The Shard; achieve a turnover of a billion pounds and relocate all our staff into a single central London location.

"I am incredibly proud to say that we will have achieved all these targets.”

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