Mazars grows with purpose to deliver record revenue
Mazars, the international audit, tax and advisory firm, has today announced its full year results for the financial year ended 31 August 2021 (FY21).
Driven by a focus on quality and delivering for clients, and the resilience and adaptability of its team, Mazars increased revenue by £29.4m (14%) to £234m. This marks the twelfth consecutive year of revenue growth, enabling the firm to recruit over 1,100 new team members.
Phil Verity, CEO, said: “Throughout 2021 one common thread has remained unbroken across our firm: the resilience and adaptability of our people. Despite multiple lockdowns, remote working and any number of individual and collective challenges, our teams have provided outstanding positive support for our clients in these challenging times”.
All service lines reported strong performance:
Assurance and internal audit grew by 25% to £98.4m. The business as a whole has continued to prioritise quality, and has invested in its team, processes and technology.
Tax and financial planning reported strong growth of 8% to £48.1m. This performance was underpinned by the team successfully supporting a growing number of clients through challenging and changing times.
Financial advisory, consulting and outsourcing grew by 8% to £87.5m. This was largely driven by the resurgence of the M&A market, supporting clients in transitioning to cloud-based accounting, and ongoing support provided by specialists in risk management, financial modelling, technology, and crisis and disputes.
Growing with purpose
With the launch of the firm’s One24 strategy in 2021, Mazars has set a clear direction for growth and in achieving its purpose of building the economic foundations of a fair and prosperous world. In building the team of the future, the firm has strengthened the team preparing for future growth with a record intake of 359 trainees. Committing to the future with purpose and reflecting the importance of caring for its team, the firm has made significant investments in teams responsible for Innovation, Inclusion, Diversity and Wellbeing.
The firm has achieved this while significantly reducing its environmental impact thanks to a radical reduction in business travel, printing and energy use in its offices. The last year has demonstrated what is possible and, moving towards hybrid working practices, the firm will not be returning to the status quo: the progress towards its sustainability goals is ongoing.
Taking account of lessons from the last 23 months, and continuous open dialogue across the firm, Mazars has fully embraced a hybrid working model, empowering its teams to make choices about how, when and where they work to provide the best outcomes for its clients and teams. This cultural shift will be supported by modern workspaces that facilitate a range of working styles: Birmingham’s Paradise location and London’s forthcoming office at 30 Old Bailey are tailored specifically towards a hybrid approach: a trend which will be replicated across the UK as Mazars adapts and upgrades its estate.
Phil Verity concludes: “Thanks to our exceptional team and strong relationships with our clients we continue to grow through the delivery of high-quality work. We are excited about our future prospects as we maintain a clear focus on delivering a strategy based upon seizing our market opportunities, ensuring that we promote excellence in the way we work, and continuing our journey towards developing Mazars into an ever more purposeful firm”.
At an international level, Mazars delivered revenues of €2.1bn over the same period, representing a 12.3% increase (excluding forex impact of -1.6%) compared to the previous financial year. The increase in fee income comprises strong organic growth (9.4%), complemented by external growth of 2.7%.
