Turnover and staff numbers fall in 2026 but boss Mark Reynolds says revenue set to head back towards £2bn next year

Mace Construct said turnover is expected to grow again in 2027 after the firm admitted revenue this year will fall to around £1.75bn from last year’s record £2.3bn.

The firm’s 2025 results have finally been unveiled with Mace saying that its final set of results as a combined construction and consulting business saw revenue increase from £2.8bn to £3.1bn and an operating profit of £69m, up from £57m in 2024.

The figures come as Mace Construct prepares to unveil its new name next week with Mark Reynolds, who is taking over as chief executive from the departing Jason Millett next January, set to outline the firm’s future strategy at an event in central London.

mark reynolds jason millett

Mark Reynolds (left) is replacing the outgoing Jason Millett as chief executive next January. The pair will unveil the new name for Mace Construct at an event in London next week

Reynolds said staff numbers at the business had fallen from around 2,000 this year to 1,600 but said he expected to begin recruiting again as turnover edged up.

He said numbers had dropped in line with falling turnover, with several jobs stuck at a PCSA stage, and added the reduction had come from natural wastage and contingency workers not being replaced. “We’ve got to the bottom [number] and we’ll end up having to grow again,” he added.

The firm put around 20 of its workforce at Heathrow on consultation earlier this year but that was reversed after work at the airport came back on stream.

The firm is forecasting revenue of between £1.8bn and £2bn next year and said the figure will jump again the following year.

Reynolds said clients were still wary of committing to jobs while costs were going up but added the deal it completed earlier this year – which saw a majority stake in Mace Consult bought by Goldman Sachs – put it on a more even keel.

Construct is now debt free and had a year-end cash balance of £205m – helped by a more than £200m investment in the business from the proceeds of the Consult sale. “Clients want to see a healthy balance sheet and that you’ve got cash,” Reynolds added.

He said the firm has decided not to keep a separate fit out business and instead will carry out work on a piecemeal basis.

“£100m-plus fit out jobs tend to go to Overbury or Structure Tone. I’m not going to waste my time and effort bidding work that will go somewhere else.”

As part of the leadership rejig in the wake of Millett’s departure, the firm’s fit out boss Gavin Seager will take over as infrastructure head from the retiring Nigel Cole who leaves early next year.

Reynolds, who is currently executive chairman and will take on the chairman’s role next year, said the firm is combining its board and executive meetings while COO Stephen Jeffery and interim CFO Tony Athurton – who is replacing the departing David Allen – will join Reynolds on the board.

Meanwhile, Cole, London boss Ged Simmonds, public sector head Rob Lemming, Seager and commercial director Steven Harris have joined the committee. Mace added that Danny Martin, who has been at the business since 2007, will succeed Seager as head of its specialist services business

Construct is due to move out of its 155 Moorgate home of the past 14 years and into new offices at Devonshire Square over Christmas.

In its 2025 results, Construct posted a 10% rise in turnover to £2.3bn with an operating profit of £6.5m from a £28m operating loss time. But the firm said exceptional items of close to £60m, which included £23m of restructuring and separation costs, meant the firm racked up a £62m pre-tax loss from a £45m loss last time.