Mazars announces another year of double-digit growth ahead of formation of global network with Forvis

Mazars, the international audit, tax and advisory firm, today released its financial results for the year ended August 2023. The firm has achieved a third consecutive year of double-digit growth in revenue with an increase of 16% to £335m. This is within the context of global revenue growth of 13%, to €2.8 billion.
  • Mazars’ global revenue up 13% on last year, reaching €2.8 billion in fee income
  • Third consecutive year of double-digit UK growth, with 16% increase in revenue and 7% increase in profit
  • Bonuses paid to UK team members increased by 16%
  • Forvis Mazars, a unique global two-firm network, to launch on 1st June 2024
  • Mazars now the fifth largest auditor of PIEs in the UK

Ahead of the formation of Forvis Mazars on 1 June 2024 Mazars has made significant investments in its people and business operations. The firm has increased spending on its people by 23%, to £189.3m, reflecting both the growth of the team by 18% (to 3,273) and reward, with bonuses increasing by 16%. Recruitment has taken place at all levels, including the appointment of 13 new partners, 8 of whom have been promoted from within the firm. Mazars welcomed record numbers of trainees (421) in the past financial year, while the firm has also been named in the Times Top 100 Apprenticeship Employers for 2023. The firm has also had a total of 83 students gain experience at Mazars from the Access Accountancy, 10,000 Able Interns and 10,000 Black interns programmes.

Mazars CEO, Phil Verity, commented: “Despite a less buoyant economy in the past year and a competitive marketplace, our strategy to invest in talent has enabled our business to deliver double digit growth this year. I am very proud to see the strength of our firm’s development as we enter a very exciting time ahead of the creation of our new global network with Forvis. We will be able to provide our clients with an expanded and highly competitive offering providing truly global reach”. 

Quality remains a cornerstone of Mazars’ strategy, and this has been reflected by the firm’s investment in the teams who drive its efforts in these areas. The central audit quality and IT team grew by 40% in the financial year, investing ahead of the curve to deliver quality alongside strong growth for the audit service line overall.. The firm is now auditor of 4 FTSE250 companies and 52 financial services PIEs, making Mazars the fifth largest auditor of PIEs in the UK when measured by fee income.

In staying one step ahead of trends and providing exceptional advice to clients, the firm has made sustained investments in its Innovation function. The team experiments, designs, prototypes and develops solutions for teams and clients. The team has more than doubled in size and, this year, has created a dedicated AI team which is rolling out solutions that harness the potential of machine learning while retaining a close focus on risk management.

This financial year also saw major investments in facilities, underlining the firm’s commitment to creating modern, sustainable and collaborative working spaces for its team members. The two new offices; the flagship London office in Old Bailey and Edinburgh’s Capital Square premises; both offer exceptional environmental credentials, with the latter accredited with BREEAM’s ‘excellent’ standard.

The firm’s results come ahead of the creation of a new top ten global network later this year with US accounting firm FORVIS, the eighth largest public accounting firm in the United States, to become Forvis Mazars. This will create a top 10 global network and a top 10 ranking in the US. The new network will provide clients with global reach across 100+ countries and also excellent client service from the unique standpoint of a two-member network.