Mace鈥檚 2022 accounts, published today, show practically zero growth in turnover on 2021. At 拢1,936m, Mace鈥檚 2022 turnover was just 拢3m up on 2021鈥檚 拢1,933m.
Pre-tax profit was down 5% at 拢36.5m (2021: 拢38.3m), although it was Mace鈥檚 32nd consecutive year of profitability.聽
Profits were impacted by a 拢13m exceptional impairment of a loan to a development joint venture.
2022 was the second year of the delivery of Mace鈥檚 2026 Business Strategy, whose central objective is growing revenue to 拢3bn by 2026. Chief executive Mark Reynolds said that despite a number of projects being delayed in 2022, there was enough new work secured to keep that target in sight.
Mace鈥檚 consultancy business grew to 拢500m in revenue, an increase of 36% from 2021. Overseas projects include the Ellinikon regeneration project in Athens and the Metrolinx programme in Toronto.
Revenues in Mace鈥檚 construction business dipped to 拢1.4bn (2022: 拢1.5bn) but it secured more than 拢2.1bn of new projects during the year. Construction milestones included the practical completion of Battersea Power Station, described as 鈥渙ne of the most complex construction projects in Mace鈥檚 history鈥�.
At year-end Mace recorded a cash position (net of overdrafts) of 拢130m, up from 拢127m in 2021.
Mark Reynolds, Mace鈥檚 chairman and chief executive, said: 鈥淣ow two years into our 2026 Business Strategy, we are confident we have the pipeline and growth trajectory to meet the ambitious targets we set out to achieve in 2021, and we will be recruiting 2,000 new colleagues over the next three years and expect to grow the group by a further billion pounds in revenue.
鈥淎cross the group, we won significant new projects, programmes and contracts, including significant expansion into new sectors, such as life sciences. We also secured long-term revenue and margin through appointments on some of the world鈥檚 largest and most complex infrastructure and regeneration programmes.
鈥淢ace 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.鈥澛�
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