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Mace profit sent soaring by boom in office projects

Mace’s revenue has greater than doubled, with workplace jobs and main initiatives aiding its restoration from the influence of COVID-19.

The agency’s pre-tax revenue for the 12 months to 31 December 2021 reached £38.3m, up from the £16.7m recorded for the earlier comparable interval a 12 months earlier, which was a restated determine.

The revenue determine for 2020, initially £19.7m, modified because of the agency paying dividends of £3.4m.

Mace mentioned its revenue for 2021 was a file, regardless of the challenges it confronted within the first few months of 2021 because of the pandemic.

The group’s development division, particularly, noticed its fortunes flip as “progress in strategic sectors, together with industrial workplaces and main initiatives”, boosted Mace Assemble’s income to £1.5bn, up from £1.2bn in 2020.

It highlighted initiatives together with the AstraZeneca headquarters in Cambridge and the Battersea Power Station redevelopment as key to its substantial progress final 12 months.

Earlier this 12 months, Development Information reported that the price of AstraZeneca’s international pharmaceutical analysis centre and company HQ had tripled from an initial £330m to £1bn.

Mace Assemble additionally benefited from growing work within the life-sciences sector, because it scooped a £60m job to expand a science campus for Oxford University and multiple places on the £30bn Procure23 framework, in partnership with Willmott Dixon.

Whole income elevated from £1.73bn to £1.93bn, based on the most recent outcomes. The agency had secured greater than 70 per cent of its 2022 pipeline by the tip of 2021, which ought to see its income attain £2.15bn this 12 months.

Regardless of a file revenue, Mace predicted “additional uncertainty” arising from the battle in Ukraine. Specifically, it mentioned mounting materials prices ensuing from the Russian invasion would “very seemingly” trigger delays to some future work.

The report mentioned: “Any impending supplies shortages and inflation might delay the completion of some initiatives, which in flip might have an antagonistic influence on the profitability of these initiatives.”

Mace chief government Mark Reynolds mentioned 2021 was “one other difficult 12 months” for the development trade because of the ongoing disruption brought on by the pandemic.

“Nonetheless, our 2026 Enterprise Technique proved distinctive in supporting progress throughout our sectors, companies and geographies,” added Reynolds, who’s co-chair of the Development Management Council.

He additionally mentioned the enterprise had change into adept at adapting its strategy and responding to “fast-changing international market situations”.

Reynolds mentioned: “The continued uncertainty brought on by the Russian invasion in Ukraine, energy-price will increase and, extra just lately, forex fluctuations is proving difficult for everybody. Nonetheless, by means of trade collaboration and championing higher methods of working, we’re assured that 2022 can be one other file 12 months.”