Mace has published its 2018 Annual Report, which shows that the company is in a strong financial position, as it reveals £32.8m in profits in 2018, a 1.4% margin
For the first time, Mace achieved more than £2bn in turnover according to its 2018 Annual Report. This increase was ahead of its 2022 Business Strategy and was due to the completion of a number of successful projects.
The business has continued to focus on achieving sustainable margins, speed of payment to its supply chain and carefully managing risk.
Dennis Hone CBE, Mace’s chief financial officer, will be retiring at the end of 2019. Hone joined Mace from the London Legacy Development Corporation in 2014. He will continue to work with Mace as CEO of the Mace Foundation.
Richard Bienfait will be appointed as Mace’s new chief financial officer at the end of January 2020.
Key points from Mace’s 2018 Annual Report:
- Mace recorded £32.8m in profits in 2018, a 1.4% margin
- International turnover rose by 25% to £831m
- £44m was invested in R&D activities
- Cash balances rose 7% to £209m
- Turnover increased by 19% to £2.35bn
- The value Mace contributed to society rose from £449m to £491m
- Over the year our average time to pay invoices fell from 45 to 34 days
- 209 apprentices, trainees and graduates joined Mace in 2018
- Over £870,000 was donated to charities and worthy causes through the Mace Foundation and from our colleagues.
Mark Reynolds, chief executive of Mace, 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.
“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.
“Alongside our annual results, I am also pleased to announce the appointment of Richard Bienfait as our new group CFO. Richard’s excellent sector experience means that he is well placed to support Mace on the next steps of our journey, and I look forward to working closely with him. I would like to thank Dennis Hone for his support over the past five years and wish him all the best in his retirement.”