Annual Report
2023
the year in review
Our purpose, 'to redefine the boundaries of ambition' challenges and energises us to improve, innovate and go beyond expectations. To dream bigger and achieve more for every place, project and person. Building a world where ambition has no boundaries.
Our performance
2023 was a landmark year in Mace’s journey, marking the mid-point of the delivery of our 2026 Business Strategy with major steps towards our target of achieving more than £3bn of annual revenue by 2026. We grew our revenues by 25%, our cash reserves by 14%, net assets by 42% and we nearly doubled our Group operating profit. In an industry where risk management is key, and uncertainty often causes organisations to struggle, we are particularly proud of our 33-year record of strong financial performance. In 2023 we delivered the majority of our corporate KPIs, and we grew in line with the expectations set out in our 2026 Business Strategy. While our Construct Engine grew well and performed broadly in line with the targets we set in 2022, our Consult Engine team saw particular success, exceeding its growth targets and winning places on some of the world’s most high profile and complex programmes.
Our vision is for Mace to be the world’s leading programme and project delivery consultant and construction expert: a digitally-led, sustainable and purposeful business.
WE ARE
Mark Reynolds
Group Chairman and Chief Executive
2023 at
a glance
At Mace, we see every challenge as an opportunity to dream bigger and bring our ambitions to life. We believe our only limits are the ones we give ourselves.
OUR STRATEGIC PRIORITIES
Highlights
Pursue a sustainable world
ESG PERFORMANCE
CONSULT
Financial
Total Group revenue
£2.36bn
2023
2.36
1.89
2022
Operational
Accident frequency rate
2023
2022
0.04
0.02
0.04
ESG
R&D investment
2023
2022
68
57
£68m
Group operating profit
2023
2022
64.3
33.1
£64.3m
Group headcount
2023
2022
7,421
7,217
7,421
Value to Society
2023
2022
912
682
£912m
Grow together
Lead the way through innovation, transformation and service excellence.
Results for clients. Service excellence. These goals drive each Engine of our business. We never stop challenging ourselves to innovate, improve and exceed expectations. This means we’re not only creating a more resilient and competitive business; our people are also delivering distinctive value by leading and transforming our industry, driving wider benefits for the suppliers, partners and the communities in which we work.
Deliver distinctive value
It has been a year of accelerated growth and continued focus.
In 2023, Mace Consult made significant progress against its targets and plans. We continued to drive a global focus through our four hubs across property and infrastructure, increased connectivity across our business and delivered value and transformation for our clients. We did this by continuing to leverage best practice, adopt a holistic, market-driven approach across a broad range of sectors. With a focus on sharing knowledge, we continued to mature and grow expertise and skills across our services, investing in nurturing high-performing teams and new capabilities to deliver exceptional outcomes for our clients, colleagues and communities.
Consult headcount
2023
2022
5,252
4,614
5,252
Consult revenue
2023
2022
£619m
£500m
£619m
Jason Millett
CEO of Consult and Group Deputy CEO
Construct headcount
2023
2022
1,859
1,531
1,859
Construct revenue
2023
2022
£1.73bn
£1.38bn
£1.73bn
2023 was another strong year for Construct, with annual revenues of £1.73bn – the highest turnover for the Engine since 2018.
We won 60 projects worth £2.36bn – the most we have ever won in a 12-month period, 79% of which was on a repeat-order basis thanks to the strong and enduring client relationships we have built over many years.
2023 saw us remain the number one contractor in London by turnover. More than a third of the Engine’s net contribution came from our Offices business, but Aviation, Technology & Manufacturing and the Public Sector also performed well. We also grew our team and had the highest workforce numbers onsite since 2018.
Gareth Lewis
CEO for Construction
CONSTRUCT
Environment
Delivering bigger and bolder change.
As an industry leader we have a responsibility to spearhead positive change, by introducing best practice throughout our global networks and helping to lead our industry to do the right thing. Put simply, we choose to lead when others would walk away. Our commitment and determination is driven by our exceptional people who constantly strive to go the extra mile, innovate and challenge convention to find better ways of working.
Diesel
Corporate Carbon
2026 target:
2026 target:
Eliminate diesel on all sites by 2026
Reduce corporate carbon footprint by 10% each year
2023 performance:
(2022: -73%,
2021: -43%)
-5.9%
2023 performance:
-69%
(2022: 7%. 2021: 11.6%)
Waste
2026 target:
Reduce our waste tonnage by 24% by 2026
Save 10 million tonnes of client carbon emissions
2026 target:
Client carbon
2023 performance:
(2022: -9.50%, 2021: -18.90%)
+10%
1.7m
(2022: 979,752 tonnes CO2e 2021: 341,720 tonnes CO2e)
2023 performance:
Biodiversity
2026 target:
Deliver 500 hectares of biodiversity over six years
2023 performance:
(2022: 54ha,
2021: 14ha)
166 ha
Building opportunities for our people, partners and communities.
Building opportunities for our colleagues, partners and communities. As a responsible business, we recognise that we have a hugely important role to play in society. The value we generate isn’t just recognised through revenue and profit, but through the opportunities we create and the legacy we leave behind for our own people, our industry and the communities we work in.
Community investment
2026 target:
Grow community investment to £20m
Social
2023 performance:
£6.9m
Supply chain
2026 target:
Ensure that we’re paying our supply chain promptly and fairly. 100% of invoices paid within 60 days
Achieve an Accident Frequency Rate of 0.04
2026 target:
AFR
2023 performance:
Invoices paid within 60 days
95%
0.04AFR
2023 performance:
Value to Society
2026 target:
Create £700m of value to society per year by 2026
Improve our gender pay gap by 10% year on year
2026 target:
Pay gap - year-on-year
2023 performance:
£912m
7.3%
2023 performance:
Robust governance. Secure controls. Service excellence.
How we work is shaped by our approach to governance: robust, ethical and committed to being a force for good in our industry and the communities we work in around the world. It shapes everything we do, from how we manage Mace’s tax affairs to how we collaborate with our supply chain, how we procure the materials used to deliver our projects and how we protect our digital assets.
Client satisfaction
2026 target:
Our client satisfaction score to be higher than 85%
Zero significant cyber security breaches
2026 target:
Security
Governance
2023 performance:
86%
Zero
2023 performance:
R & D investment
2026 target:
Target 3.5% R&D investment of our revenue by 2026
2023 performance:
2.9%
Timber
2026 target:
To procure 100% of our timber from responsible sources
2023 performance:
100%
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2023 Annual report
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Client satisfaction score
2023
2022
86%
86%
86%
2021
88%
20% margin growth year-on-year
2023
2022
68%
-4.7%
68%
2021
129%
Revenue invested in R&D
2023
2022
2.9%
3.0%
2.9%
2021
2.5%
Accident Frequency Rate achieved
2023
2022
0.04
0.02
0.04
2021
0.06
Gender pay gap reduction
2023
2022
0.2%
-11.2%
0.2%
2021
-9.6%
Ethnicity pay gap reduction
2023
2022
-3.6%
4.3%
-3.6%
2021
-0.8%
Value to society created
2023
2022
£912m
£682m
£912m
2021
£536m
Engage, develop and inspire our people, clients, partners and communities.
Our people are the heart of our business. While we share ambitions as a collective, we also have ambitions as individuals. We inspire the best in everyone, making Mace the best place for colleagues from all professional backgrounds to develop and progress their careers. The same is true for everyone that our work touches. We empower and encourage each other, our clients and everyone we work with to embrace challenge and look beyond the boundaries of today.
Corporate carbon reduced
2023
2022
5.9%
7.0%
5.9%
2021
11.6%
Tonnes of client carbon savings secured
2023
2022
1,769,242
979,752
1,769,242 tCOe
2021
341,720
Hectares of biodiversity gain created
2023
2022
166
54
166ha
2021
14
Accelerate the built environment’s response to the climate emergency.
Our planet has now reached a tipping point. The built environment holds many of the keys to a sustainable world, but bold action is needed – and fast. In an industry that’s been slow to adjust, we’re taking a lead by committing ourselves to bigger, bolder goals so that we, our clients and partners are all part of creating a world where communities thrive now, and for generations to come.
tonnes CO2e
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2023 Annual report
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Cash
2023
2022
175.81
153.93
£175.81m
Client satisfaction score
2023
2022
86
86
86
Client carbon saved
2023
2022
1.77
0.98
1.77m tCOe
* increase due to a number of mega-projects breaking ground and large projects reaching completion.
*
2
2
Cash
2023
2022
175.81
153.93
£175.81m
Client satisfaction score
2023
2022
86
86
86
Client carbon saved
2023
2022
2
0.98
1.77m tCOe
2
1.77
Global programme and project delivery consultants and construction experts
MACE
mace
Global programme and project delivery consultants and construction experts
WE ARE
mace
Annual Report
2023
Download our 2023 Annual Report here
Global programme and project delivery consultants and construction experts
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