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2022 was the first full year of us delivering our 2026 business strategy. Set up to deliver against our ambitious targets, we accelerated forward with a clear purpose, drive and determination that cut through the economic challenges that the industry experienced.
So great was our focus that despite market uncertainty - our agility and resilience saw us achieve exceptional underlying performance.
A year of resilience, stable performance and international growth
Mark Reynolds
2022 at a glance
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£1.94bn
Total Group Turnover
£45.4m
Group Operating Profit before exceptional items
7,271
Group Headcount
£682m
Value to Society
0.03
Accident Frequency Rate
£57m
R&D Investment
2022
2022
2021
2020
£1.94bn
£1.93bn
£1.73bn
Our Engines
Develop
Consult
Construct
Operate
2022 was another strong year for the Consult business.
Develop
Consult revenue
Peru Reconstruction programme
2022
2021
2020
Since day one, we have relentlessly pursued a better way. Our purpose is the reason we do it. It’s why we exist. It’s what drives us forward. It’s how we create an enduring legacy in this world.
We’re living out our purpose through three strategic priorities – focusing the actions we take every day.
Our purpose:
Annual Report 2022
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Mace Finance Limited – extract of the 2022 consolidated accounts
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Mace Finance Limited – full 2022 annual accounts
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Over the last three years the business has achieved significant and continuous growth, and the last year has proved to be no exception - reporting turnover of £500m and £37.4m profit in 2022 (37% increase on 2021) – and a 22% increase in headcount.
£500m
£366m
£342m
Annual
Report
2022
Project
2022 was a stand-out year for our construction business despite the economic challenges that impacted the whole industry.
Having begun the year with 73% of the budget secured, we achieved growth in several sectors, and revenues of £1.378bn (71% of Mace Group’s revenue).
The Forge
Construct revenue
Project
£1.38bn
£1.47bn
£1.23bn
2022
2021
2020
Develop
Consult
With hybrid working patterns taking root in 2022, the need for people-focused, activity-based office design became firmly cemented as the key focus for corporate real estate leaders.
In response, our Operate engine continued to evolve its offer to successfully support the changing dynamics of the office space however, despite the market beginning to settle down, the fall out of Covid-19 continued to impact our facilities management business with revenue falling to £90m (2021: £110m).
RoSPA President's Award
Operate revenue
Project
£90m
£110m
£114m
2022
2021
2020
Construct
2022 proved to be a challenging year for our development business, with interest rates rising and the real estate market slowing down.
The challenges posed by market fluctuations, cost inflation and economic uncertainty have increased the risk of high-value developments. As we look forward, we plan to manage risk exposure in our portfolio over the next few years and focus on driving our development management offer through our consultancy business.
Gross Development Value under management (£m)
Headcount
£1,215m
£1,000m
£1,000m
2022
2021
2020
Operate
Our priorities
Pursue a sustainable world
Grow together
Deliver distinctive value
To redefine the boundaries of ambition.
As a rapidly growing global business with ambitious plans for the future, we are focused on modernising and evolving our ways of working so that our people can build careers that exceed their own expectations, are supported to perform to their best, and feel a clear sense of purpose and empowerment in whichever role they hold.
Our focus for 2022 has been on evolving both the culture of the business and the support we can give through development and tools to set our people up for success in a business of significant size and geographical reach.
Grow together
Pursue a sustainable world
Deliver distinctive value
Mace has long been built on the foundation of finding a better way – one that is safer, more efficient and creates more value for our clients, partners and communities.
In 2022, we published our new innovation strategy, setting out how Mace would continue to invest and develop new technologies and approaches to transform our industry.
We also increased our R&D investment to 3% of turnover (up from 2.5% in 2021) and launched a new fund for aspiring innovators, designers and problem solvers across Mace.
2022 marked a major milestone in both our business and ESG strategies. Having committed to saving 1m tonnes of carbon for our clients by 2026, by the end of the year we had successfully secured a pipeline of work that would see us exceed the target.
Far from being satisfied with this achievement, we immediately upped our target to 10m tonnes. It is undoubtedly an enormous challenge and will require a renewed fervour for developing and implementing innovative solutions, however, we believe we have a responsibility to forge ahead with ambitions that will deliver even better outcomes for our clients across the globe.
Strategic priorities
Downloads
5
8
17
2022
2021
2020
Headcount
636
828
996
2022
2021
2020
Headcount
1,531
1,500
1,551
2022
2021
2020
Headcount
4,614
3,866
2,616
2022
2021
2020
Group Chairman and Chief Executive
0.03
0.06
0.07
2022
2021
2020
£682m
£536m
£474m
2022
2021
2020
£57m
£48m
£48m
2022
2021
2020
7,271
6,526
5,824
2022
2021
2020
£45.4m
£44.5m
£32m
2022
2021
2020
£925m
£835m
£639m
Mace GDV Under Management
Client GDV Under Management
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Develop
Consult
Construct