Last Updated on Tuesday, 9 February, 2021 at 3:34 pm by Andre Camilleri
- Global fee income increases 7.8% to €1.9 billion in 2019/20
- Looking ahead to next four-year strategy with a renewed, diverse governance
- Reaffirming importance of shaping the transformation of the audit profession
Mazars, the international audit, tax and advisory firm, has announced revenues of €1.9 billion in its 2019/2020 financial year (1 September 2019 – 31 August 2020), representing a 7.8% increase (excluding forex impact of -0.3%) compared to the previous financial year. The increase in fee income comprises strong organic growth (5.9%), complemented by positive external growth (1.8%).
Commenting on the firm’s financial performance, Hervé Hélias, CEO and Chairman of Mazars Group said that: “For people, businesses and society, 2020 has been a year like no other. Amid a global pandemic, with our focus on keeping our people safe and continuing to deliver top quality services to our clients, Mazars has shown remarkable resilience achieving 7.8% growth, most of it organic. Our people’s remarkable efforts to continue serving our clients and carry out their assignments enabled us to do more than just weather the storm in 2020.”
Despite the crisis, Mazars continued to invest and plan for its future. Over 1,100 partners recently voted to approve the new strategic plan, ‘One24’, a title recognising the uniqueness of Mazars’ united partnership model. The plan articulates the group’s roadmap for the next four years, capitalising on Mazars’ strengths and distinctive attributes: quality services, cross-border operational integration, international consistency, dedication and care for clients and teams. The new plan seeks to continue the group’s transformation and to secure Mazars’ position as an international audit, tax and advisory leader, by continuously improving talent and client experience and innovating services and ways to work. Over the coming four-year period the firm will continue to focus on its priorities: client-centricity, quality and risk management, international growth, operational integration, talent development, and contributing to building a fair and prosperous world.
In 2020 Mazars also welcomed 78 new international partners from 30 countries. The new partners represent varied areas of services – audit (54%), tax (17%) and outsourcing (12%) – as well as regional diversity.
Meanwhile, Mazars in Malta also performed well in 2019/2020. The firm recorded revenues of €3.8 million, up 5.5% from last year, and now employs 76 professionals under the leadership of four partners and two directors. The goal of the firm remains that of supporting its clients, and to continue to create value for the benefit of all stakeholders. Mazars in Malta Managing Partner Anthony Attard explained, however, that “what this year has further brought to the fore is the commitment we owe towards our staff, ourselves, and all our families. None of our achievements as a firm would be possible without all those at Mazars in Malta being united in these moments of adversity and facing a multitude of challenges as one family.”
CEO and Chairman of Mazars Group Hélias concluded that: “Our new four-year strategic plan outlines our intention to accelerate our transformation and further establish Mazars as an international leader. We want to continuously improve the way we serve our clients and develop our talent, making Mazars a knowledge-intensive firm and a school of excellence. Quality will remain the backbone of all our activities, and we want to continue to foster a true quality and risk management culture. Financial transparency and trust are the essence of a fair and prosperous economy, and auditors are a central piece of this ecosystem. It is time to collectively rethink how the profession operates. We believe it is our responsibility to help shape a healthier market and we will play our full part in this transformation in the coming years.”