Mace Group, the global consultancy and construction firm, has reported strong financial performance for 2024, posting revenue of £2.79 billion ($3.2 billion). The company also recorded an operating profit of £50.7 million and closed the year with a cash balance of £320.2 million as of December 31.
The firm revealed a healthy pipeline of future work worth £7.2 billion and surpassed a major milestone by expanding its workforce to over 8,000 employees for the first time. These achievements position Mace well on its path toward reaching its 2026 revenue target of £3 billion.
Mace’s Consult business stood out in 2024, with revenue reaching £686.6 million and profit surging by 74% to £77.7 million. The division aims to double in size by 2030, targeting £1.2 billion in annual revenue. Key international wins in 2024 included the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult secured a landmark deal as programme management partner with MTR Corporation, marking its largest regional project to date.
Meanwhile, the Construct division, focused mainly in the UK, faced a more challenging landscape but still delivered revenue of £2.1 billion and £15.7 million in pre-tax profit. The division completed major projects such as 40 Leadenhall Street and secured contracts like the London Gatwick Pier 6 extension and The Daubeny Project at The Oxford Science Park. It also continued investing in modern building techniques, as demonstrated at Chapter Living, London Bridge.
To strengthen governance, Mace introduced a new group structure on January 1, 2025, appointing a new chief executive and forming a board with six independent nonexecutive directors. This move aligns the company with the UK Corporate Governance Code, reinforcing its commitment to transparency and accountability.
Mace’s 2026 strategy, laid out in 2021, remains firmly on track. The company has already exceeded its employment goals and continues to drive expansion across key global regions including Europe, the Americas, the Middle East and Africa, and Asia-Pacific.
“Mace had a transformative year in 2024,” said Jason Millett, Mace Group Chief Executive. “Despite industry-wide and economic headwinds, we delivered record revenue and cash performance, especially in our Consult division. As we enter 2025 with a strong pipeline and enhanced leadership, we’re well-positioned to scale further toward 2030.”
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News Source: Finance.Yahoo.com
