Mace reports record revenue as ‘year of transition' sets it up for global growth
Dubai, United Arab Emirates – Mace, the global delivery consultants and construction experts, has published its 2024 Annual Report & Accounts. The company achieved another year of growth and strategic progress, delivering record turnover and a record year end cash balance despite a backdrop of volatility and macroeconomic uncertainty.
Key highlights
Revenue was AED 13.91bn (£2.79bn) (+18.3%). Construct grew by 21.0% to AED 10.5bn (£2.1bn). Consult grew by 10.8% to AED 3.4bn (£686.6m).
Operating profit was AED 252.7m (£50.7m).
Cash at 31 December 2024 was AED 1.6bn (£320.2m)
The Group's pipeline of future work totalled AED 35.9bn (£7.2bn).
Headcount surpassed 8,000 for the first time.
New Group Chief Executive and Group Board in place from 1 January 2025.
Group on track to grow revenue to AED 14.9bn (£3bn) by 2026 with new era of expansion under Group Chief Executive, Jason Millett.
Jason Millett, Mace Group Chief Executive, said:
'2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the Group. We are pleased with our financial performance [particularly in Consult], generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges.
'We enter 2025 with a strong pipeline and an enhanced leadership team and are well positioned as we look towards 2030 and beyond.'
2024 Performance and Governance
In 2024, Mace set the target of doubling the scale of the Consult business by 2030. This would take annual revenues to AED 5.9bn (£1.2bn) and the business is on track to achieve this. In 2024, Mace Consult's profits increased by 74% from 2023 to AED 387.3m (£77.7m), achieving a revenue of AED 3.4bn (£686.6m).
Standout appointments included the Hudson Tunnel Project in New York, which is estimated to create 95,000 jobs and King Salman International Airport, which is expected to welcome more than 100m visitors to Saudi Arabia. Mace's appointment as programme management partner with the MTR Corporation for the delivery of new railway extension projects is Consult's biggest ever win in Asia.
2024 was a more challenging year for Construct (which operates predominantly in the UK). Revenue of AED 10.5bn (£2.1bn) produced profit before tax of AED 78.2m (£15.7m). The business completed a number of landmark projects in the UK such as 40 Leadenhall Street and secured exciting new projects such as the London Gatwick Pier 6 extension and The Daubeny Project to deliver the next phase of The Oxford Science Park. It also continued to invest in new production techniques that will drive improvements in quality and productivity, as demonstrated at Chapter Living, London Bridge.
A new governance structure was established on 1 January 2025. There is a new Group Chief Executive and a new Group Board, which includes six independent non-executive directors. The changes align the way Mace works with the principles of the UK Corporate Governance Code and will ensure that the Group's most important decisions are open to independent challenge and scrutiny.
2026 Business Strategy and 2030 Vision
In 2021, Mace Group's 2026 Business Strategy set ambitious growth targets. The 2024 Annual Report shows that Mace remains on track to achieve its goal of generating annual revenue of AED 14.9bn (£3bn) by 2026. In 2024, it achieved its target of employing more than 8,000 people two years early.
This growth has been achieved by targeting a wide range of attractive, expanding markets and sectors across four hubs: Europe, the Americas, Middle East and Africa and Asia Pacific.
Mace's ambition is to be world leading delivery consultants and construction experts. The business is currently developing its 2030 Vision: taking account of how the world is changing and defining how we can leave positive, lasting legacies through what we do and how we do it. This new strategy will give the company greater focus, clarity and impact in how it works.
Leading with purpose
Mace remains committed to setting ambitious targets when it comes to our value of 'Safety first – Going home safe and well'. The Group's accident frequency rate remained ahead of target at 0.036.
Our strategic priority to Pursue a Sustainable World continues to inspire us to accelerate the built environment's response to the climate emergency. Mace saved 3.41m tonnes of client carbon during the year.
Looking at every part of its sphere of influence to identify opportunities, Mace contributed AED 4.6bn (£933m) to society.
The Mace Foundation supported 125 charities around the world, helped 2,487 homeless people and empowered 5,400 young people through education and access to employment opportunities.
In 2024 99% of invoices were paid within 60 days, up from 95% in 2023.
Research and development investment totalled AED 356m (£71.4m), helping Mace make advances in digital technology and complete Palmerston Court, the largest Passivhaus building in the UK.
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