Construction group looks to future with optimism as 67% of 2007 order book is secured
Mace enjoyed a vintage year in 2006, thanks to a string of spectacular contract wins and a 20% increase in pre-tax profit.
During this year the consortium it was part of became the delivery partner for the 2012 Olympic Games. It was also appointed construction manager on the Shard tower at London Bridge, project manager on the Dubai World Trade Centre and construction manager on Heathrow’s Terminal 5, which is due to open next year.
Mace’s pre-tax profit was £7.4m and overall turnover rose 37% to £372m in the period to 31 December 2006. UK work accounted for £343m of this sum.
Turnover in its construction business rose 35% to £235m. construction management contributed the most income to this division in 2006, generating £33m across 82 projects. The consultancy group grew 41% to £137m, with most business coming from project and programme management.
Stephen Pycroft, Mace’s chief executive, said of the Olympic win: “If there was one project to win in 2006, this was it. It continues to promote Mace on the world stage.”
He added: “The group’s prospects for 2007 are positive with 67% of our budgeted order book secured within the first three months of the year.”
As part of its bid to become a greener business, Mace has teamed up with Ethos Recycling, to double the amount of waste recycled from 40-45% to 88%.
During the financial year founding member Bob White stepped down as chairman and became a non-executive director, while Marcus Burley, David Grover and Gareth Lewis became board directors and shareholders.
Mace in numbers
2006: £372m (2005: £271m)
2007 target: £500m
2006: £7.4m (2005: £6.2m)
2007 target: £10m