Mace Group reports revenue of $3.2bn in 2024

Mace stated it is on track to grow its revenue to £3bn by 2026. Credit: VRVIRUS/Shutterstock.

Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024.

The company’s operating profit for the year stood at £50.7m.

Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time.

Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026.

In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn.

Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult’s appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region.

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The Construct division, which primarily operates in the UK, faced a more challenging year in 2024.

Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park.

Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge.

A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors.

This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making.

Mace Group’s 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule.

Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific.

Mace Group chief executive Jason Millett said:  “2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group.

“We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 

“We enter 2025 with a strong pipeline and an enhanced leadership team, and are well-positioned as we look towards 2030 and beyond.” 