Last Updated on Thursday, 9 March, 2023 at 9:13 am by Andre Camilleri
- 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.
- Locally, Mazars recorded a 10% increase in turnover.
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.
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.”
Mazars in Malta
Meanwhile, Mazars in Malta also registered a very positive performance during this reporting period. In fact, the firm, which now employs more than 85 professionals under the leadership of four partners, recorded a 10% increase in turnover, up to €5.16 million, 47% of which was in respect to audit services. Commenting on these results, Managing Partner Anthony Attard states that Mazars in Malta owes its success to its people – which the firm considers as its most invaluable asset: “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 and advisory firms on the local market, committed towards maintaining the highest possible quality standards.”
This year, Mazars in Malta is also commemorating its 25th Anniversary. Attard explains that while such an event is always a special milestone for any organisation, “we see celebrating our quarter-century of operations as an opportunity to bridge the values and strengths which have defined our success, with the firm’s fundamental purpose and vision – that of continuing to create value together with our stakeholders, and investing in what matters for our people, our clients and the local community. Hence the theme we have selected for these celebrations: ‘Growing with purpose together’ ”.
