Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Mace to pump £66M a year into innovation fund


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.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.