Mace breaks £2bn revenue barrier but profit slumps
Construction firm Mace has surpassed the £2bn annual revenue mark in 2018 for the first time in its history, but also suffered a drop in profit because of challenges on some of its projects.
The firm, which was in charge of building Tottenham Hotspur’s new football stadium and is contracted to build the new HS2 station at Euston, generated turnover of £2.35bn last year, a 19 per cent increase on 2017.
Read more: HS2 station contracts worth £2.56bn awarded to Mace, Balfour Beatty and Vinci
Pre-tax profit fell eight per cent, however, to £32.8m, while international work rose by a quarter to £831m.
Mace also announced it has appointed a new chief financial officer to replace its current finance boss Dennis Hone at the end of the year. Richard Bienfait, who is chief executive of higher education developer University Parternships Programme, will take his place.
Chief Executive Mark Reynolds said Beinfait’s “excellent sector experience means that he is well placed to support Mace”.
He added that revenue would dip in the firm’s next full-year report, after several jobs from 2017 were pushed back to 2018, and appeared on this year’s financial report.
Reynolds said: “2018 was a good year for Mace, with a significant increase in revenue and the amount of international work we do rising by a quarter to £831m; reflecting the fact that we are now well established as one of the leading global consultancy and construction businesses.
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“Whilst we all face uncertainty in the short to medium term and it is hard to predict how the UK construction and consultancy sectors will fare over the next twelve months, I remain confident that Mace will remain in a strong position.
“Our 2022 business strategy will continue to guide our decision making and will ensure we remain a resilient, responsible and profitable business that offers career-defining opportunities for our people.”