Firm posts 14% jump in profit, but revenue rises 6%, down on the firm鈥檚 expectation
Mace posted a 14% jump in profit last year but revenue growth was down on the firm鈥檚 expectation, rising just 6% to 拢1.2bn.
Reporting its results for the year to 31 December 2013, Mace posted revenue, including share of joint ventures, of 拢1.18bn, up 6% from 拢1.11bn the previous year.
But this was short of the 15% growth to 拢1.3bn that Mace chief executive Mark Reynolds
A Mace spokesman said that the 15% revenue growth target outlined by Reynolds last year included internal sales, which was not included in the results figures.
鈥淭aking internal sales into account, Mace鈥檚 turnover growth during 2013 was close to 14%. This is on target,鈥 he added.
The firm posted pre-tax profit of 拢32.4m, up 14% on 拢28.3m the previous year.
Operating profit stood at 拢30.5m for the year, up 9% on 拢27.9m in 2012.
Mace鈥檚 construction business posted revenue of 拢983m, up 15% from 拢857m the previous year.
The firm鈥檚 consultancy business posted revenue of 拢276.8m, up 14.5% from 拢241.7m last year.
UK consultancy revenue rose 11% to 拢175m, but revenue in the firm鈥檚 international consultancy business fell slightly, down 1% to 拢102m.
Overall, UK revenue across the group, at 拢1.05bn (2012: 拢981m), still formed the vast bulk of the firm鈥檚 turnover (89%), although international revenue rose 18% to 拢131.3m (2012: 拢111.2m).
The firm said its group headcount was 3,806 in 2013, up from 3,327 in 2012.
Reynolds said the firm was still on track to hit its target of 拢2bn turnover by 2020.
He said: 鈥2013 was a strong and successful year 鈥 We continued to focus on working with our clients to build sustainable communities and help turn their aspirations a reality.鈥
Stephen Pycroft, Mace executive chairman, added: 鈥淢ace has built a firm foundation for growth during 2013 while continuing to deliver an outstanding service for our clients.
鈥淚 am pleased that the Group Board business plan to 2020 is now firmly embedded, as is our Talent Development Board focused on retaining talent in the business.鈥
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