Mace has reported a 25% increase in revenue from continuing operations, reflecting its 33rd year of profitable trading.
- Mace’s turnover rose to £2.36 billion in 2023, marking a 22% increase from the previous year, despite the sale of its facilities management business.
- Profits before tax surged by 68% to £61.7 million, with operating profit nearly doubling, showcasing Mace’s financial robustness.
- Consultancy revenues increased by 24%, largely driven by major international programmes and showcasing Mace’s global consultancy capabilities.
- Significant corporate restructuring is planned for 2025, including leadership changes to align with governance standards.
In 2023, Mace achieved a significant milestone, reporting a 25% rise in revenue from its continuing operations, which underscores the company’s ongoing success across its various business sectors. This increase has been notable, as it marks Mace’s 33rd consecutive year of profitability, an achievement not to be understated in today’s competitive market landscape.
The company’s turnover surged to an impressive £2.36 billion last year, up from £1.936 billion in 2022. This growth occurred despite the strategic divestment of Mace Operate, the company’s facilities management business, which was sold to its management team. The restatement of 2022’s financial results reflecting this sale shows a robust performance even in a year of significant change.
Mace’s profitability also saw a substantial boost, with pre-tax profits escalating by 68% to £61.7 million, a noteworthy increase from £36.7 million the previous year. Concurrently, operating profit soared by 94% to reach £64.3 million. The company’s cash reserves also benefited from this profitable year, rising to £175.8 million by the year’s end from £153.9 million at its start, illustrating prudent financial management amidst expansion.
The consultancy division played a pivotal role, achieving revenues of £619.4 million, a 24% increase driven largely by international projects. Chairman and CEO Mark Reynolds attributed much of this growth to securing major consultancy programmes globally, emphasising Mace’s expertise and capacity to deliver complex projects at scale with rigour.
Looking ahead, Mace has outlined plans for notable corporate restructuring in 2025, positioning itself to better align with the Financial Reporting Council’s UK Corporate Governance Code. The planned split of the chairman and CEO roles, with Jason Millett set to become CEO while Reynolds transitions to executive chairman, marks a strategic move towards compliance, though its full alignment with governance recommendations remains to be seen.
Mace’s impressive financial growth and planned restructuring highlight its strategic foresight and operational excellence.
