Mazars, the international audit, tax and advisory firm, has released its global financial results for 2022/2023. This is the third consecutive year the firm has achieved double-digit growth across all services (both audit and non-audit). Despite ongoing market uncertainty, revenues are up 13 per cent on last year, reaching €2.8 billion in fee income.
The firm’s global results follow the recent news of its plans to create a new top ten global network later this year with US accounting firm FORVIS.
Hervé Hélias, chairman of the Executive Board at Mazars Group said: “It’s been another successful year with 13 per cent growth demonstrating the strength and relevance of our unique integrated partnership model. The quality of our multidisciplinary offering sets us apart, enabling us to better serve our clients, attract the best talent and serve the public interest”.
“Building resilience has been important off the back of an eventful year and in which organisations continued to be tested. While it’s been a demanding environment, we have invested purposefully to support international growth and I’m pleased that this has remained strong. We understand the challenges our clients face now and looking ahead in the realms of international compliance, financial and non-financial reporting imperatives, and information systems security, and we are set to support businesses to achieve their ambitions.”
Performance across Europe (+15.3 per cent) and North America (+21.4 per cent) continued to be strong, particularly in France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Switzerland, the UK and the US. Latin America has shown impressive results this year, as our fastest growing region, with 25.8 per cent growth.
The double-digit growth of the firm’s service lines for the third consecutive year shows a clear focus on its strategy and recognition of the increasing pressures felt by clients worldwide. As a result, sustainability services and our consulting services are the most rapidly growing offerings at 71 per cent and 21.3 per cent respectively.
Hélias said: “The opportunities we have pursued expand the scale of which we can deliver value for our clients throughout the world, as a trusted partner of their business. There aren’t enough players in the market to support organisations, especially as more obligations are placed upon them. There's a lack of choice in the market and we’re building an organisation capable of filling that void, helping clients avoid the risk of becoming audit orphans. As auditors and advisors, we are an essential element in the chain of trust in our economies, helping to secure the health of financial markets to the benefit of society.”
With this objective in mind, Mazars continues to expand in new territories with new offices recently announced in Finland, Panama and Togo. In December 2023, the firm also appointed 139 partners from 41 countries, of which 31 per cent are women.
The most recent Mazars C-suite barometer, conducted at the end of 2023, highlighted that technology and sustainability continue to have the biggest impact on businesses. Leaders have been under consistent pressure to digitise their business, evolve their sustainability strategies and invest in talent that will change the way they work.
Helias continued: “We’ve doubled down on our sustainability services to support our clients with their transformation and to provide assurance on non-financial information, which are increasingly expected by stakeholders. This is in line with our purpose to help build the foundations of a fairer, more prosperous world.”
“Overall, our performance and success in the last year would not have been possible without the dedicated involvement of our teams. As we step into a new year, we are excited by the opportunity to advance the scale of our offering through the new pioneering network with FORVIS in June and, more than ever, we are committed to helping our clients confidently build and grow their businesses.”
Mazars’ global success was also reflected in the performance of Mazars in Malta, where results during the year commemorating its 25th anniversary, highlighted the evolving, yet robust nature of the firm.
“This allowed us to reap the fruits of our consistent focus on governance and quality over the years, and going forward,” said managing partner Anthony Attard.
From a business perspective, Attard attributed the firm’s success to the multi-disciplinary approach adopted by Mazars in Malta: “While reinforcing the role of audit as a strong, key pillar of our offer, over the years we have diligently crafted our competences in tax, consulting, outsourcing and advisory services to provide a better service to our clients. Consequently, our clients view us as partners in the long-term sustainable growth of their enterprise, and look to us for support in achieving their objectives.”
In terms of financial performance, this has been another very positive year for Mazars in Malta. In fact, the firm recorded a three per cent increase in turnover, up to €5.318 million, 49 per cent of which was in respect to audit services.
“We owe this success to our people,” said Attard, adding that: “These have been key towards adding value to the delivery of Mazars’ customised solutions in Malta, and the consolidation of our position as one of the leading audit, tax, outsourcing and advisory firms on the local market. Meanwhile, during the year, more young people have been strengthening our talent base, attracted by an internationally-oriented environment providing an array of learning and training opportunities, where they are challenged to develop and grow, and where they can nurture a true sense of purpose, contributing to the future growth of Mazars in Malta.”