Latest news with #MaceGroup
Yahoo
17 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
Reuters
30-04-2025
- Business
- Reuters
UK fraud office investigates Blu-3, Mace Group in bribery probe
LONDON, April 30 (Reuters) - Britain's Serious Fraud Office (SFO) on Wednesday arrested three people as part of an international bribery investigation into British infrastructure provider Blu-3 and former associates of the global construction firm Mace Group. The SFO said in a statement that more than 70 of its staff searched four homes and one commercial property in Britain and Monaco authorities searched another suspect's premises. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. The SFO said individuals at Blu-3 were suspected of paying over 3 million pounds ($3.99 million) in bribes to former associates of the Mace Group relating to the construction of a data centre in the Netherlands for Microsoft. Neither Mace Group, which built London's Shard skyscraper, nor Blu-3 immediately responded to requests for comment. The three suspects were arrested for questioning, the SFO said. "Paying bribes to do business undermines our financial markets, the reputation of British companies and the rule of law and will not be tolerated," said SFO's director Nick Ephgrave. ($1 = 0.7514 pounds)
