2023: The year in review
2023 was a landmark year in Mace’s journey, marking the mid-point of the delivery of our 2026 Business Strategy with major steps towards our target of achieving more than £3bn of annual revenue by 2026. We grew our revenues by 25%, our cash reserves by 14%, net assets by 42% and we nearly doubled our Group operating profit.
Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert – a digitally-led, sustainable and purposeful business. I believe that our 2023 Annual Report shows that we are well on the way to making that a reality.
A successful year of change
In 2023, we delivered the majority of our corporate KPIs, and we grew in line with the expectations set out in our 2026 Business Strategy. While our Construct Engine grew well and performed broadly in line with the targets we set in 2022, our Consult Engine team saw particular success, exceeding its growth targets and winning places on some of the world’s most high profile and complex programmes.
We also made a number of important decisions that will guide our future – most significantly, focusing our energy on our core services and the expertise that has made Mace what it is today: a global programme and project delivery consultant and construction expert.
We stepped back from direct development work during 2023, focusing on development management consultancy, and supported a management buy-out of our facilities management business, Mace Operate, which is now an independent business called Macro.
Although we were sad to say goodbye to our Operate colleagues, it’s right they are now independent and can choose their own path. This will allow us to invest more strategically in the transformative capabilities that will unlock the next stage of our growth.
The outcome of those bold decisions is clear in our 2023 report: the Group is more focused than ever on the transformational outcomes in the built environment we deliver for our clients and communities around the world.
Growth and opportunity
Much of our growth in 2023 came from securing major consultancy programmes around the world, which aligns to our long-term strategy. Our Delivery Partner expertise means that Mace is one of the few credible global consultants that is able to provide clients with the confidence they need to deliver complex projects at scale with rigour and discipline.
That growth has enabled Mace to expand our presence in the life sciences, mobility, infrastructure, defence and data centre sectors, while cementing a strong position in the commercial offices space.
Globally, the outlook for our industry is hugely positive. Investment into the built environment may be changing, but never has our sector been more important to meeting global challenges. Between now and 2050, the world will need to spend $9.2 trillion per year, every year, to achieve net zero. That investment cannot be delivered without the capabilities that Mace offers to our clients.
Looking closer to home, the UK remains Mace’s largest market. Despite the political and economic uncertainty we have faced over the past few years and are likely to continue to encounter over the next twelve months, we have a strong and sustainable pipeline of work.
Our people
I have often said that I am extremely proud to be a member of the Mace team – and that has never been truer than in 2023. Whether our people are delivering on site for our clients or managing a portfolio of projects from a Mace office, they are the ones who make a difference every day. Our clients consistently tell me that our people set Mace apart from others – it is their expertise and dedication that enables us to bring the ambitious visions of our clients to life so reliably.
We grew rapidly in number during 2023, with headcount growing as we expanded our global programme and project delivery commissions. This year, almost 7,500 talented people delivered £2,357m in revenues on our projects around the world.
That’s why attracting, developing and retaining the very best talent is crucial if we are to continue to deliver high-quality projects safely. We want to grow together with our colleagues, giving people the platform to do things they had never dreamed of doing – and providing opportunities to be involved in some of the most exciting and iconic projects in the world.
A positive impact
As I look back over the last decade, I’m exceptionally proud to have led the Group as we’ve grown and become an even more responsible and sustainable global business; a company that continues to deliver amazing work on ambitious, challenging and complex programmes and projects.Ten years ago, in 2013, Mace delivered £1.2bn in revenue and secured £32.4m of profit before tax. In 2023 we nearly doubled that, delivering £2.4bn and securing £61.7m of profit before tax from our continuing operations. That growth is evidence of consistent performance, year-on-year, despite the economic turmoil our industry has faced over that period.
Our growth and transformation has only been possible because of the commitment, dedication and expertise of our teams around the world, our clients and our suppliers. We look forward to growing further and more sustainably together as we create better opportunities for people, deliver better solutions, enhance the value we create for our clients, support the growth and development of our supply chain and make a positive impact on the communities in which we operate.
Annual Report 2023
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