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Yahoo
7 hours ago
- Business
- Yahoo
Mace Group reports revenue of $3.2bn in 2024
Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024. The company's operating profit for the year stood at £50.7m. Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time. Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026. In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn. Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult's appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region. The Construct division, which primarily operates in the UK, faced a more challenging year in 2024. Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park. Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge. A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors. This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making. Mace Group's 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule. Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific. Mace Group chief executive Jason Millett 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.' "Mace Group reports revenue of $3.2bn in 2024" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
8 hours ago
- Business
- Zawya
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.
