Mace Construct has reported £2.31bn (€2.7bn) of turnover for 2025, up 10.5%, in its first accounts since separating from Mace Consult, a baseline for a debt-free contractor now targeting rail, water, ports and defence.

Mace, a London-headquartered construction and consultancy business whose construction division is named Mace Construct until its imminent rebrand, completed the majority sale of Mace Consult to Goldman Sachs Alternatives in March 2026, with shareholders reinvesting more than £200m (€234m) into the contractor.

Goldman Sachs Alternatives, the alternative investment arm of Goldman Sachs, now owns the majority of Mace Consult.

Divisional pre-tax profit reached £41m (€48m), against a restated £5.6m (€6.6m) in 2024, although including central costs, exceptional charges and legacy development activity the remaining group recorded a statutory pre-tax loss of £61.9m (€72.4m).

The division secured 28 new projects worth more than £5.3bn (€6.2bn), completed 32 schemes, grew infrastructure revenue 42% and expects about £500m (€585m) of infrastructure revenue in 2026, while cutting its business units from five to three: Commercial; Public, Life Sciences and Technology; and Infrastructure.

Mace Group Chief Executive Jason Millett said the diversification strategy will take time to produce significant growth but early conversations have begun in the new markets, while Executive Chairman Mark Reynolds restated the ambition to become one of the UK’s three largest contractors.

2025 turnover of £2.31bn (€2.7bn) and divisional pre-tax profit of £41m (€48m); the Goldman Sachs Alternatives transaction value was not stated.

The outlook is more cautious than the headline: Mace Construct told Building that 2026 revenue will fall to about £1.75bn (€2.05bn) from the 2025 record, with staff numbers down from about 2,000 to 1,600 as several jobs sat at pre-construction stage.

Mace Construct is debt-free with year-end cash of £204.6m (€239.4m) after the Mace Consult transaction, and Mark Reynolds is set to return to operational leadership as Chair and Chief Executive from 1 January 2027.

For the sector, a Tier 1 contractor trading through a transitional year with a smaller workforce and a rebuilt balance sheet shows how stalled pre-construction stages can drive revenue down, and diversification into rail, water, ports and defence is the lever it is pulling to rebuild volume.

Source: Construction News / Building / MEP Middle East