Financial performance

2023 was a landmark year for Mace, achieving record revenue and profit before tax, significant expansion of global consultancy work and a five-year high for construction revenue. Over the year, the Group recorded revenue of £2.36bn, exceeding that of 2022 (1.89bn) and operating profit of £64.3m (up by 94% on 2022).

We made a number of important decisions that will guide our future in 2023 – most significantly, focusing our energy on our core services and the expertise that has made Mace what it is today: the global programme and project delivery consultant and construction experts. We stepped back from direct property development work during 2023, focusing on development management consultancy, and supported a management buy-out of our facilities management business.

2023 marked the halfway point of the delivery of Mace’s 2026 Business Strategy, which targets growth to £3bn of revenue by 2026. Mace’s consultancy business grew to £619.4m in turnover, an increase of 24% from 2022. This reflected significant growth, driven predominantly by the securing of global programmes. Revenues in Mace’s construction business saw a leap in to £1.73bn (2022: £1.38bn), with a record 60 projects won over the year, worth £2.36bn.

The Group also made a number of significant strides towards its 2026 Business Strategy targets in 2023, investing £68m in research and development, a near 20% increase on 2022. The Group achieved huge progress in its commitment to social value, exceeding its 2026 value to society target of £700m, contributing £912m in 2023.