Revenue rose to £2.36bn for the year to December 31 2023 from £1.89bn last time while pre-tax profits from continuing operations hit £61.7m from £36.7m.
Last year was the halfway point in the delivery of Mace’s latest Business Strategy which targets growing annual revenues to £3bn by 2026.
The year saw major changes as the business focussed on its core services of programme and project delivery consultancy and construction. Mace sold its facilities management business and announced that it is stepping back from direct property development.
Mace’s consultancy business grew its revenue to £619.4m, an increase of 24% from 2022 while the construction division saw revenues leap to £1.73bn from £1.38bn.
Mark Reynolds, Mace’s 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.
“Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert – a purposeful and sustainable business; and 2023’s results show that we are well on the way to making that a reality.
“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.”
