Mace will invest more than £66M a year into its innovation fund from 2022 onwards.
The construction giant is looking to increase innovation by investing 2.6% of its revenue into the fund, according to its 2017 annual report which also includes details of its 2022 business strategy.
It comes as Mace announced pretax profit of £23M, more than double the £10.7M figure it registered in 2016.
The increased focus on innovation comes on the back of its jumping factory success. The report outlines more than 200 ideas generated through its innovation platform since its launch last year.
“The launch of Mace’s first innovation strategy in 2017 marked the beginning of a journey to capture the use of new technologies and processes,” the report says.
“Our mission has always been to find a better way to deliver for our clients, and as a result we have always strived to find ever more innovative ways to make their aspirations a reality.
“Mace’s 2022 business strategy demands that we go further than that, and one of our four priorities is to drive innovation to improve service excellence.”
During 2017, Mace invested nearly £50M in innovation, including the launch of its jumping factory.
Mace chief executive Mark Reynolds said that transformation is key to the companies business strategy.
“Our 2022 business strategy will help us provide even more career opportunities for our people, ensure we remain a resilient and consistently profitable business and deliver projects “in a better way”.
Importantly we must now transform ourselves at pace by using the tools available to us. Only by embracing innovation and off-site solutions will we tackle the skills shortages and become the leader of a more progressive construction industry.”