Forvis Mazars Group reports outstanding performance in 2019

Forvis Mazars, the international audit and advisory firm, today announces revenues of €1.8 billion in its 2018/2019 financial year (1 September 2018 - 31 August 2019), up 10.4% (excluding Forex impact of +0.2%) compared with the previous financial year. The increase in revenues was supported by a strong 9.0% organic growth, complemented by a positive external growth of +1.3%.

“This is the highest level of organic growth recorded by Forvis Mazars since 2011/2012. This outstanding performance comes from a combination of the high level of expertise and strong commitment of our teams to deliver to our clients a seamless global experience, as well as a true recognition of the benefits of Forvis Mazars’ uniquely integrated partnership model. Forvis Mazars is a trusted partner of choice for organisations of all kinds, not just listed companies”, said Hervé Hélias, CEO & Chairman of Forvis Mazars Group.

2019: A milestone year for international expansion

Alongside Forvis Mazars’ standout financial performance, 2019 also saw the signing of the Forvis Mazars North America Alliance in July. The Forvis Mazars North America Alliance is a milestone agreement between Forvis Mazars and five leading firms in the United States and Canada – BKD, Dixon Hughes Goodman, Moss Adams, Plante Moran (U.S.) and MNP (Canada). The Forvis Mazars North America Alliance is a game changer for Forvis Mazars, allowing the firm to achieve extensive coverage in North America, and to provide its international clients with access to an additional 16,000 professionals in the region. Forvis Mazars now has 40,400 professionals serving clients around the globe (24,400 professionals in Forvis Mazars’ integrated partnership), and 318 offices across 91 countries and territories.

Commenting on the firm’s growth strategy Hervé Hélias added: “Four years ago, we set an ambitious strategic plan called Next-20. Our expansion into China to reach critical size in this vast market and the development of a strong and competitive offer in North America ranked amongst our top priorities, alongside a smooth transition in our governance with a well-planned succession of Philippe Castagnac in his role as Chairman of the Group. Today, I am very proud to say that these objectives have been met. Our goal in 2020 is to reach 2 billion euros in revenues, and I feel confident that we will achieve this”.

Growing everywhere

Forvis Mazars’ international expansion is reflected in the geographic spread of its revenue sources, with more than a third of the firm’s fee income now coming from outside of Europe.

All regions enjoyed strong revenue growth in 2018/2019: 7.8% in Western Europe, 13.6% in Central & Eastern Europe, 12.1% in North America, 13.1% in Latin America, 9.4% in Africa & Middle East, with the strongest growth in Asia-Pacific (22.6%). Asia-Pacific now represents 15% of Forvis Mazars’ total revenues. In China, the firm has over 4,000 staff and over 30 offices; Forvis Mazars’ China operations now serve as many as 137 large listed companies and enjoyed a 19% growth in revenues last year.  In Australia, Forvis Mazars grew by 100% in 2019, thanks to the integration of two local firms.

Broad and balanced expertise

Audit has been at the core of Forvis Mazars’ expertise and will remain at the heart of its business in the years to come. To support the evolving needs of its clients, Forvis Mazars has built a significant offering in advisory, tax and compliance services. Today, audit and accounting comprise 63% of total revenues, advisory 37%.

While expanding geographically, Forvis Mazars has enjoyed sustained growth across each of its business lines. Growth in 2018/2019 was: audit +8.5%, accounting and outsourcing services +8.2%, consulting +24.2%, tax +9.9%, legal +34.9% and financial advisory services +9.5%.

A sustainable growth strategy

The strength of Forvis Mazars also lies in its capacity to grow in a profitable and sustainable way. With people and technical excellence at the heart of its development, the firm constantly invests in its teams as well as in technological innovation, integrating artificial intelligence, machine learning and comprehensive data analysis in our audit and advisory services. In 2019, 92% of its staff took part in education programs.

Looking ahead

“2019 has been a pivotal year for Forvis Mazars. We believe these achievements and the acceleration of our transformation confirm the technical excellence of our people and the relevance of our strategy. We have remained true to our values and entrepreneurial spirit, growing in a responsible and sustainable way. Our firm is better positioned than ever to accompany its clients’ development. In 2020 and beyond, we aspire to continue to be a firm of choice for a diverse range of talent and for clients in an industry which needs choice, and are committed to help build the economic foundations of a fair and prosperous world”, concluded Hervé Hélias.