Mace published its 2022 annual accounts, reporting stable revenues and consistent profitability. The business grew by over a third and generated £500m in turnover
Mace’s 2022 annual accounts showed that the construction consultancy company reached its 32nd-year consecutive year of probability.
Pre-tax profit stood at £36.5m (£38.3m in 2021). The turnover remained consistent with 2021, reaching £1.936bn (£1.933bn).
Mace’s operating profit, excluding exceptional items, amounted to £45.4m. Despite incurring an impairment of £13m on a loan to a development joint venture, the company managed to achieve a profit before tax.
Mace’s 2026 Business Strategy is in full flow
2022 was the second year of Mace’s 2026 Business Strategy. This strategy aims to achieve £3bn of revenue by 2026. Mace has created new ways of working and governance across the Group.
These include focusing on global growth strategy across the UK & Europe, the Americas, the Middle East and Africa, and Asia Pacific.
Mace’s £500m increase in revenue represents a 36% rise from 2021. Growth was observed across all four hubs, and the business achieved successful placements on several major global programmes with a value of over £100bn.
These programmes range from the Ellinikon regeneration project in Athens to the multi-billion-dollar Metrolinx programme in Toronto.
Mace hit several 2026 Business Strategy targets. These include a 7% reduction in carbon emissions (amounting to a total reduction of 57% since 2019), a contribution of £682.4m to society (a 27% increase from 2021), and an investment of 3% (£57m) of its revenue in research and development.
Record levels of safety across the company
The company reported a 0.03 accident frequency rate across the business, beating its 2026 target of 0.04.
This marked the safest year in Mace’s history. Mace also achieved its target of identifying more than a million tonnes of carbon savings within client projects four years early and has expanded the target to identifying 10m tonnes by 2026.
“2022 was a successful year across the Group; particularly the growth of our global consultancy business – which expanded by more than a third – and our record-breaking safety performance,” said Mark Reynolds, Mace’s chairman and group chief executive.
“We are proud of everything we have achieved, and I would like to thank all my colleagues, and our partners, clients and suppliers for their support during a challenging year for our industry,” he added.
In 2022, Mace established a new advisory board chaired by Dame Allison Nimmo DBE. This board provides senior strategic advice to Mace’s Executive Board, which convened for the first time in December. The Advisory Board brings together diverse expertise to offer strategic counsel and challenge Mace’s senior leadership.
The accounts include a £13m impairment related to a loan in a development joint venture. This impairment reflects the re-evaluation of one of the group’s remaining development assets, specifically a mixed-use scheme in Oxford.
In recent years, Mace has reduced its exposure to the UK property market and strengthened its balance sheet. This improvement is evident in the year-end cash position, transitioning from a net debt of £147m in 2019 to a net cash balance of £73m in 2022.
“Mace continues 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. It’s a team I’m honoured to be a part of,” concluded Mark Reynolds.
