Record-breaking year for Mace as series of major projects complete
Key highlights from 2023 includes completing ‘iconic projects’ such as One Za’abeel in Dubai and the Brent Cross West rail project in London
Mace, the global programme and project delivery consultants and construction specialist, has published its 2023 Annual Report, showcasing record-breaking revenue and profit before tax. The company’s substantial expansion in global consultancy work and a significant boost in construction revenue have set new benchmarks for the firm.
For the year 2023, Mace reported a revenue of AED 11.24 billion (£2.36 billion), marking a 25% increase from 2022’s AED 9 billion (£1.89 billion). The operating profit soared by 94%, reaching AED 306.3 million (£64.3 million), while the profit before tax rose by 68% to AED 293.9 million (£61.7 million). The company also saw a 42% increase in net assets, which now stand at AED 362.5 million (£76.1 million), and a 14% rise in cash reserves, totaling AED 837.4 million (£175.8 million).
Mace’s investment in research and development also saw a notable uptick, with AED 323.9 million (£68 million) allocated to innovation—a 19.3% increase from 2022. The Group surpassed its 2026 value-to-society target, delivering AED 4.3 billion (£912 million) in 2023, and has made significant strides towards its ambitious goal of saving 10 million tonnes of client carbon by 2026, having already saved or identified for elimination over 1.7 million tonnes.
Key highlights from the 2023 Annual Report include the completion of iconic projects such as the One Za’abeel tower in Dubai and the Brent Cross West rail project in London. Mace’s consultancy business reported a 24% increase in revenue, totaling AED 2.9 billion (£619.4 million), driven by securing new mandates in Asia, the Middle East, the Americas, and Europe. Meanwhile, the construction business saw revenues leap to AED 8.2 billion (£1.73 billion), with 60 new projects valued at AED 11.2 billion (£2.36 billion).
Significant milestones in 2023 included the completion of ‘n2’ and ‘The Forge’ for Landsec in London, with the latter being the UK’s first Net Zero office development. The Group also announced leadership and governance changes, with Mark Reynolds set to become Executive Chairman and Jason Millett to take over as Chief Executive in January 2025. Mace aims to align its governance structure with the UK Corporate Governance Code by 2025, including the formation of a new Board and the appointment of four non-executive directors.
Additional highlights from the report include Mace’s inaugural Taskforce for Climate Financial Disclosures (TCFD) report, maintaining carbon neutrality by offsetting 10,758 tonnes of carbon, and achieving award-winning safety standards with a 0.04 accident frequency rate. The global headcount grew to almost 7,500, and the Group made charitable donations totaling AED 2.3 million (£500,000).
Mark Reynolds, Chairman and Group Chief Executive, commented, “2023 was a landmark year, marking the mid-point of our 2026 Business Strategy, and seeing us take a major step towards our target of achieving annual revenues of more than AED 14.2 billion (£3 billion) by 2026. Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert—a purposeful and sustainable business; and 2023’s results show that we are well on the way to making that a reality.”
Reynolds attributed much of Mace’s growth to securing major consultancy programmes globally, reinforcing the company’s position as a credible global consultant capable of delivering complex projects at scale. He praised Mace’s teams for driving innovation, sustainable delivery, and purpose-led growth worldwide.
