Financial performance

2022 represented Mace’s 32nd consecutive year of profitability, resulting in profit before taxation of £36.5m (£38.3m in 2021). Over the year, the Group achieved an overall turnover of £1.936bn, consistent with that of 2021 (£1.933bn). The Group’s operating profit before exceptional items was £45.4m, while the profit before tax figure was achieved despite the £13m exceptional impairment of a loan to a development joint venture.

2022 was the second year of the delivery of Mace’s 2026 Business Strategy, which targets growth to £3bn of revenue by 2026. Across the year, Mace’s consultancy business grew to £500m in revenue, an increase of 36% from 2021. Revenues in Mace’s construction business were largely steady at £1.4bn (2022: £1.5bn) and it secured more than £2.1bn of new projects during the year; despite continued impacts on the sector from planning delays, material inflation and energy costs. Major construction milestones included the practical completion of Battersea Power Station, a global icon and one of the most complex construction projects in Mace’s history. 

The Group also made a number of significant strides towards its 2026 Business Strategy targets in 2022: reducing carbon emissions by 7% (reflecting a cumulative reduction of 57% since 2019), contributing £682.4m of value to society (an increase of 27% on 2021) and investing 3% (£57m) of its revenue in research and development. 

For the third year in a row, Mace has also published its ESG Report, detailing the business’s performance against our Environmental, Social and Governance objectives. In 2022, the business achieved its 2026 target of identifying more than a million tonnes of carbon savings within client projects - four years early - and so has expanded that target to identifying 10 million tonnes by 2026.