Mazars in Switzerland demonstrates with 16% growth an excellent annual result

Geneva, 14 February 2023 - Mazars, the international audit, tax and advisory firm, reports 16% growth in Switzerland. The Mazars Group shows as well excellent 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 and confirms Mazars’ strong international position and the relevance of its uniquely integrated model.

“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.

Mazars in Switzerland with double-digit revenue growth

Mazars in Switzerland closed the 2021/2022 financial year very successfully, recording a 16% revenue increase in the twelve months to 31 August 2022. In particular, the Audit (+ 25%), Financial Advisory Services (+ 12%) and Outsourcing (+ 9%) divisions posted strong gains. In Switzerland, 54% of turnover is generated in Audit and 46% in Advisory Services. The company has also further expanded its presence in the Swiss market with the opening of a new office in Lugano in autumn 2022.

José Caneda, CEO of Mazars in Switzerland, is pleased with the positive result: "We have once again succeeded in creating trust among our clients and our employees and in strengthening our presence in the Swiss market. We continue to pursue our expansion strategy, including through our new partnership with the SME network Swiss Venture Club or by opening new locations."

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:

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.”

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.