Mace expects revenue to top £2bn in 2022

Mace Group pre-tax profit more than doubled to £38m last year from £17m in 2021 as revenue rose 12% to £1.93bn.

The improved performance marked Mace’s 31st consecutive year of profitability since being founded.

Mace said its year-end order book stood at £2.8bn.

Chief executive Mark Reynolds predicted this year revenue would top £2bn putting Mace on track to reach the 2018 high of £2.3bn.

Despite project timescales being impacted by Covid-19, contracting arm drove growth in revenue and profits contributing £1.5bn or 76% of group revenue.

Operating margin at the division also improved rising to 3.8% from 2.8%.

Mace trading divisions
Profit 2021: 20 Revenue 2021: 20
Construct £56m £35m £1,469m £1,232m
Consult £37m £30m £366m £342m
Operate £1.8m -£0.4m £61m £58m
Develop -£6m -£6.4m £36m £98m

Mace’s Consult business achieved record growth, reaching £366m (an 7.1% increase on 2020) and raising headcount to 3,866 from 2,600 at the end of 2020.

Total group headcount rose to top 6,000 staff at the year-end from 5,400 previously.

Reynolds said revenue for the group was budgeted to be £2.15bn for 2022, although he warned this could be missed due to project delays in the face of economic headwinds.

“The continued uncertainty caused by the Russian invasion in Ukraine, energy price increases and more recently currency fluctuations is proving challenging for everyone – however, through industry collaboration and championing better ways of working we are confident that 2022 will be another record year.”

 

Leave a comment