Mazars' record global revenues confirm strength of its international, integrated, multidisciplinary strategy

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Feb 14, 2023, 08:07 ET

Year-on-year growth of 16.4%, including 13.3% organic growth, demonstrates the strength of Mazars' integrated partnership model.
Highest growth since 2007 confirms Mazars' position as a leading international audit, tax and advisory firm in a concentrated market.
Double-digit growth in all regions and all service lines suggests the relevance of, and confidence in, Mazars' international development and balanced multidisciplinary strategy.
The US grew by 12% in fiscal year 2022

NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Mazars, the international audit, tax and advisory firm, today releases its global financial results for the 2021/2022 financial year, highlighting double-digit year-on-year growth of 16.4%, reaching €2.45bn in fee income. The increase in revenue comprises strong growth across all regions and services, both audit and non-audit (full details below).

Such financial performance confirms Mazars' strong international position and the relevance of its uniquely integrated model, as well as boosting confidence in the firm's continuing ability to create value for clients. In a fast-changing environment, Mazars supports companies of all sizes in their quest to grow responsibly; comply with an increasing number of complex regulations; embrace transformations to enhance their business operations or internal systems; and meet the expectations of regulators, talent and society to secure long-term performance.

"2022 was an eventful year that tested the agility of companies everywhere. These disruptions, coming on top of longer-term trends including digitisation and sustainability, can be challenging, but they also offer vast opportunities to grow, develop and explore new ways to create value. In this unsettled context, Mazars' role, more than ever, is to be a trusted partner to clients," says Hervé Hélias, CEO and Chairman of Mazars Group.

Growth in the US

Growth in the US spanned all our key sectors and service lines across Public Interest Entities and Privately Owned Business. The Mazars international platform is a key differentiator in achieving growth from existing and new clients. In 2022, our growth was boosted by the expansion of our capabilities, teams and service offerings in several tax specialties; risk and cybersecurity; transaction services; and audit services. We also launched ESG as a new service offering with a focus on helping clients develop and implement sustainability strategies and business models aligned with ESG best practices. Additionally, the recent acquisition of Boston-based professional services firm Samet & Co. significantly increases our footprint in the northeastern US. The acquisition adds over 65 professionals in Massachusetts to the Mazars team.

"Our revenue growth in 2022 demonstrates how we effectively delivered against our strategic plans by providing high-quality solutions across our service lines and sectors in key US markets," said Victor Wahba, Mazars US Chairman and CEO. "We made significant investments improving our technology and growing our teams to support the dynamic, ever-evolving needs of our clients. We will continue to invest in the professional development of our people, digitization, and technology to ensure continued and sustainable future growth."

Balanced growth across regions and portfolio of activities

Strong performance across regions and services reflects on the one hand, Mazars' international expansion, operating at scale effectively as 'one team, one firm', with a presence in nearly 100 countries. On the other hand, it highlights the relevance of the firm's multidisciplinary approach: Mazars' development strategy is to keep the right balance between its regulated services and its tax, consulting or advisory services. The firm is convinced this diverse portfolio is essential to the quality of audit, the relevance of the services rendered to clients, the attraction and retention of the best talent and, ultimately, the public interest.

Commenting on the firm's financial results, Hélias continues: "Despite a complex global environment, 2022 was an excellent year for Mazars across geographies and service lines. Our performance confirms the quality and relevance of our services. Mazars' ability to continuously grow its audit position among large and listed companies offers choice and a different perspective in a highly concentrated market; this competition is essential for the healthy functioning of financial markets. We also offer a deep understanding of sector-specific environments, issues and trends, and stand out as a leading audit firm in financial services, working with some of the largest organisations in the industry."

Beyond financials: technology and sustainability as key business priorities to retain talent, foster quality and enhance client experience

In 2022, Mazars' annual C-suite barometer highlighted that technology and sustainability are the top two trends expected to have the biggest impact on businesses. Everywhere, leaders are under pressure to adapt and digitise their business and operations, change the way they work and ensure sustainable growth to remain attractive and competitive. Mazars is not exempt from such trends, and these remain critical investment areas for the firm.

"At a time when audit is at a crossroads, Mazars has an ambitious programme to reinvent and digitise audit for the benefit of clients, auditors and the entire business ecosystem. We are investing in technologies that bring real-time added value to our clients' decision-making and experience, and equally more advanced data analytics tools to enhance the work of our auditors. We are also focusing our efforts on further upgrading a wide spectrum of technology-powered advisory services, including tax, legal, financial advisory, consulting and sustainability services," Hélias adds.

As well as technology, sustainability has become an important foundation of business performance and reputation in society.

Hélias continues: "Like most organisations today, we have a responsibility to evolve our business model to be sustainable over the long run. In this regard, we have a clearly defined sustainability strategy built on five pillars – integrity, people, environment, community and offering sustainability services to our clients. Beyond keeping our own promises, we have the duty to help our clients transform by targeting ESG resources where they're most needed and helping them overcome challenges to non-financial reporting. This is why Mazars is investing massively in upskilling teams, particularly by creating hybrid auditors, bilingual in financial and non-financial information, and ensuring their career progression."

As auditors and advisors, Mazars has a pivotal role to play in restoring trust in society and fostering greater transparency. Now, more than ever, businesses must ensure that the actions they take today will contribute to the future they want to build tomorrow. "At Mazars, we intend to do just that: transform and invest where it counts to help our clients navigate this evolving landscape and grow responsibly," Hélias concludes.

Mazars 2021/2022 global financial results highlights

Fee income as at 31 August 2022: €2.45bn
Double-digit year-on-year growth at 16.4%, including forex impact of +2.9% and 13.3% organic growth
Growth in service lines:

Audit (43%) +15.5% [Mazars audits 2,700 public interest entities worldwide, of which 1,300 are headquartered in Europe and 960 are listed on a regulated market, including 480 listed in Europe. Mazars is ranked fifth in the European audit market for listed European companies.]
Consulting (11%) +9.6%
Financial advisory (8%) +29.7%
Legal (2%) +18.6%
Outsourcing (18%) +14.3%
Tax (18%) +15.9%

Growth in regions:

Africa & Middle East +21.7%
Americas +22.4%
Asia Pacific +17.1%
Europe +14.6%

Six new countries in Mazars' integrated partnership: Bosnia and Herzegovina, Burkina Faso, Latvia, Lithuania, North Macedonia and Zimbabwe.

Notes to editors

To learn more, read Mazars' 2021/2022 Financial statements here.
To learn more about Mazars' C-suite barometer click here.

Contacts
Lorraine Hackett, Group Brand & Communications Director, Mazars
[email protected] // +44 (0)7881 283 962

Beth More, US Marketing and Communications Director, Mazars
[email protected] // 732-205-2012

About Mazars

Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services.* Operating in nearly 100 countries and territories around the world, we draw on the expertise of more than 47,000 professionals – 30,000+ in Mazars' integrated partnership and 17,000+ via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development.

*Where permitted under applicable country laws

http://www.mazars.com | http://www.linkedin.com/company/mazars | https://twitter.com/mazarsgroup

Mazars USA LLP

Mazars USA LLP is an independent member firm of Mazars Group, an international audit, tax and advisory organization with operations in nearly 100 countries and territories. With roots going back to 1921 in the US, the firm has significant national presence in strategic geographies, providing seamless access to 30,000+ professionals around the world. Our industry specialists deliver tailored services to a wide range of clients across sectors, including individuals, high-growth emerging companies, privately-owned businesses and large enterprises.

SOURCE Mazars USA LLP