Mace Construct announces 2025 results and leadership changes
- Mace Group achieves £3.1bn revenue and £69.0m of operating profit before exceptional costs in 2025.
- Mace Construct ended 2025 with cash of £204.6m and net assets of £55.9m.
- Mark Reynolds CBE to resume role as Chair and Chief Executive in January 2027.
- New brand to be announced in November 2026 and launched in early 2027, alongside opening of new head office at 6 Devonshire Square.
- Refreshed senior leadership team and governance structure announced to lead business into the next chapter.
Mace Construct – previously Mace Group – has today published its 2025 annual report and accounts. The Group achieved more than £3bn in revenue and generated £69m of operating profit before exceptional costs. This marks the early achievement of a goal set by the Group in 2022 to hit £3bn in revenue by 2026 as part of its 2026 Business Strategy.
In 2025, Mace Construct generated £2.3bn of revenue and £6.5m of operating profit before exceptional costs. The business ended the year with £204.6m of cash. The business’ solid financial and operational results in 2025 were underpinned by strong performance against the Group’s KPIs.
Mace Consult is reported as discontinued operations as it operates as an independent business following the successful demerger in 2026.
The transaction, through which Mace Consult was carved out from the Group, and a change in the value of a development project generated £59.7m of exceptional costs.
2026 performance
The transaction has secured the long-term future of both Mace Construct and Mace Consult, allowing shareholders to reinvest more than £200m into Mace Construct.
As a result of the transaction – announced in July 2025 and completed in March 2026 – Mace Construct is now debt-free and is focused on delivering major infrastructure and property projects as a UK contractor.
Mace Construct’s 2026 trading has been positive, albeit with a reduced revenue forecast because macroeconomic factors have delayed the conversion of some second stage projects and several major infrastructure clients have limited their capital spend.
As a result of this lower workload, the Group has been actively targeting significant cost reductions across the business.
Future plans
In 2027, Mace Construct will have a new name, a new brand and a new strategy. It has been developing the new brand in partnership with Koto, an award-winning global brand consultancy, and will announce full details – including the new name and logo – on Wednesday 4 November.
The new strategy will be unveiled early in 2027. Mace Construct has already announced its ambition to become the UK’s most productive contractor by 2030; as well as its intention to broaden its sector and regional portfolio through entry into adjacent markets.
From the start of 2027, the business will be based in a new head office at 6 Devonshire Square; with the fitout being delivered by Mace Construct. With Mace Consult now an independent business, both organisations are moving out of 155 Moorgate, which has served as the Group’s global base since 2012.
New governance and leadership
Alongside its results, the Group has announced planned leadership and governance changes. Mark Reynolds CBE, Executive Chairman since January 2025, will return to operational leadership as Chair and Chief Executive from 1 January 2027, with a refreshed Executive Committee and Board as planned succession changes take effect.
Mace Construct will simplify governance by operating combined Board and Executive Committee meetings, while retaining independently chaired audit and risk, and people, remuneration and nominations subcommittees. The model creates a single point of accountability for the Group’s business plan, reduces management layers and simplifies the Executive Committee and Board meeting cadence.
Stephen Jeffery, Chief Operating Officer, will join the Board alongside Mark Reynolds and Tony Athurton, Interim Chief Financial Officer.
Alison Nimmo DBE, Senior Independent Director since January 2025, will step down as a non-executive director in October; Sylvia Metayer, Chair of the People and Remuneration Committee, will succeed her.
The Executive Committee will expand to include operational and commercial leadership from across Mace Construct. Managing directors Nigel Cole, Ged Simmonds, Rob Lemming and Gavin Seager have joined the Committee, alongside Steven Harris, Commercial Director.
Nigel Cole will retire in early 2027, with Gavin Seager, currently Managing Director for Specialist Services, succeeding him as Managing Director of Mace Construct’s Infrastructure business unit. Gavin has worked for Mace since 2013 leading the Specialist Services business. He will be succeeded by Danny Martin, who has been part of the business since 2007.
As previously announced, Jason Millett will stand down as Group CEO at the end of December; and David Allen, current CFO, will stand down in late October.
Mark Reynolds CBE, Mace Group’s Executive Chair, said:
“These results mark an important moment for both Mace Construct and Mace Consult, as the final set of accounts that will include a full year of performance for both businesses. We are very proud of everything we achieved together; and already both businesses are thriving independently.
“For Mace Construct, the next few months will see us complete a transformation that has been two years in the making – with a new brand, a new head office, a new leadership team and a new strategy that will see us grow across the UK and expand into adjacent sectors where there were perceived conflicts of interest because of Mace Consult’s client relationships. The wider team and I are excited to finally begin to show off our new identity in the coming weeks.
“I would like to thank Jason, David, Alison and Nigel for their huge commitment and contribution to our business. As we refresh our executive leadership team to bring it closer to the operational heart of the business, I am confident that we have the foundations in place for an incredible next chapter for Mace Construct.”
Tony Arthurton, interim Mace Group Chief Financial Officer, said:
“2025 saw the combined Group exceed £3bn in revenue for the first time – a tremendous result and one that both leadership teams should be very proud of.
“This year, like many others in the sector, Mace Construct has seen several major projects delayed in securing stage two contracts, resulting in reduced revenue but healthy performance on margin. As in 2025, we expect further exceptional costs related to the transaction in March this year.
“Following the completion of the transaction in March, Mace Construct is now debt-free, with strong liquidity and an exceptional pipeline”