The latest Mace annual report details a revenue of £2.36bn in 2023, and £61.7m of profit before tax, up by 68% from 2022
Mace have released their annual report, detailing their statistics and activities over 2023 in a year where geopolitical uncertainty and the slow recovery from the pandemic give no shortage of difficulties.
It also details their future activities, providing a positive outlook for Mace moving further into 2024 and beyond.
2023 was the halfway point for Mace’s 2026 business strategy
Mace’s 2026 business strategy intends to grow annual revenues to £3bn by 2026. 2023 saw the halfway mark since this business strategy was implemented, and their record revenue of £2.36bn is an increase of 25% from the previous year.
The annual report also details a 42% increase in net assets, up to £76.1m, and an increase in innovation spending of 19.3%, up to £68m. Operating profits were reported at £64.3m, an increase of 68% from 2022.
Mace reports a positive outlook for the future
The report comes off the back of the announcement that Mark Reynolds will be stepping down as executive leader in a leadership shuffle, and Jason Millett will step up in early 2025.
One key highlight of the annual report is the Group’s work in remaining carbon neutral in 2023. They offset 10,758 tonnes of carbon from their activities.
The Group remained carbon neutral in 2023, offsetting the 10,758 tonnes of carbon produced by its activities using gold-standard schemes across the globe. However, this is being reviewed in 2024 in recognition of the business’ planned adoption of Science-Based targets.
Further, on top of their growth comes the completion of projects such as The Forge (the UK’s first net-zero office development), a growth in head count to around 7,500, and a low 0.04 accident frequency rate, meaning the future looks as bright as the present for Mace.
Chairman Mark Reynolds was pleased with the Mace annual report
Mark Reynolds, Mace chairman and group chief executive said: “2023 was a landmark year, marking the mid-point of our 2026 Business Strategy, and seeing us take a major step towards our target of achieving annual revenues of more than £3bn by 2026. We grew our revenues by 25%, our cash reserves by 14%, net assets by 42% and we nearly doubled our Group operating profit.
“Much of our growth in 2023 came from securing major consultancy programmes around the world. Our Delivery Partner expertise means that Mace is one of the few credible global consultants that is able to provide clients with the confidence they need to deliver complex projects at scale with rigour and discipline.
“Mace’s fantastic teams continue to push our industry forward; driving innovation, sustainable delivery and purpose-led growth across the world, working with our clients to transform how we deliver. I am honoured to be part of a global team who are helping to transform the built environment.”
