Mace on track for £1bn turnover by 2012

Grant Prior 14 years ago
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Mace bosses are still confident the company will be a £1bn turnover business by 2012 despite the downturn.

Latest results from the construction and consultancy specialist show the firm enjoyed an 18% increase in turnover to £726m and 30% increase in profit to £19.3m during 2009 despite the grim global economy.

And directors at the firm believe signs of an upturn are currently emerging in the market which will enable Mace to hit its £1bn target within two years.

Finance Director, David Vaughan, said: “While we expect our future markets to remain challenging in 2010, we are seeing some signs of recovery in certain markets.

“We entered 2010 with 76% of our order book secured which gives us confidence of achieving our target of becoming a £1bn company by 2012.”

The company enjoyed a healthy cash balance of £106m at the start of the year and was not saddled with any debts.

Analysis of income at the end of 2009 revealed 63% of turnover came from UK construction projects like the Shard, 19% from UK consultancy and 18% from overseas consultancy and construction.

Chairman and CEO, Stephen Pycroft, said: “Our vision is to be a globally recognised consultancy and construction company that delivers unparalleled service and truly makes a difference for our clients.

“Our long-term growth strategy continues and by working in close collaboration with our clients and partners, we remain dedicated to delivering a quality service across all sectors worldwide.

“The company performed robustly in 2009 against a backdrop of challenging trading conditions.

“In 2010 the quality of the people we employ, our supportive clients and our growing financial strength and capability in our sectors give the board confidence that we will continue to grow and raise the profile of the business.”

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