Mazars is growing strongly once again internationally and in Germany

German company shows strong growth

Mazars continues to be on a stable growth course in the German market as well. The German company's annual turnover increased by 8.5 per cent to 135 million euros (previous year 124.4 million euros) at the end of the 2016/2017 financial year. The number of partners rose to 75 within one year, and more than 1,400 experts now work at twelve locations throughout Germany. The company ranks ninth on the Lünendonk Ranking for Germany’s leading auditing and tax consulting firms.

Mazars’ growth in Germany was particularly due to important successes in several sectors. In banking and insurance, the first effects of the auditor rotation have had a noticeably positive impact. The number of cross-border audit and advisory projects increased significantly, with a focus on international transactions, transfer pricing projects and global mobility consulting. With ever-increasing IT consulting expertise, especially in the SAP environment, Mazars is also providing better advice and support to companies in their transformation processes.

Structure as a globally integrated partnership is driving growth

The basis for this success is the company's international orientation and its structure as a globally integrated partnership. Global profit sharing for all partners is unique in this industry environment and for a company of this size. This organisational form has not only legal effects, but also noticeable benefits for clients: smooth, direct and transnational cooperation for international assignments. A large portion of the strong growth can therefore be attributed to orders from internationally active, medium-sized companies.

“We see ourselves as independently thinking experts who are passionate about promoting economic and social development at a regional and global level. Our key to success is the internationally integrated partnership. It forms the foundation that enables us to further expand our business segment and our market position in Germany and offer our clients international solutions,” said Dr Christoph Regierer, member of the German Management Board and member of the international Group Executive Board of Mazars. “Creating Shared Value” thereby forms the core element of the organisation's philosophy; Mazars, more than ever, believes that businesses can thrive only by creating shared value for all their stakeholders.

Increasing focus on consulting, knowledge and innovation

Innovating and transforming companies and entire industries as well as advancing traditional business models and developing new ones are also key drivers to developing Mazars' business. Therefore the focus is on developing new economic sectors and markets, expanding transnational cooperation and creating new services. “The auditing services that originally built Mazars' reputation have become one of the areas that currently needs to reinvent itself due to the impact of the digital revolution, new customer expectations and regulatory changes. We are at the beginning of a new era in our business, so transformation is one of our first priorities,” said Hervé Hélias, CEO of Mazars Group.

Numerous technological and digital changes will accompany this transformation. The first steps have already been taken. In addition to hiring a Chief Technology & Innovation Officer, the Mazars Group acquired Zettafox, a prescriptive data analysis start-up, in the autumn. This represents a strategic acquisition for internally transforming business activities and will help to enrich the services offered. In addition, the Group has organised several hackathons to reflect on the future of their services. These steps complement other open innovation and start-up incubator programs that Mazars has offered in recent years.

The goals on the path towards further growth are increasing efficiency in customer interactions and expanding consulting services. Mazars can build on the advances that have been made in recent years to meet these goals. In September 2017, Mazars announced the partnership and cooperation with the innovation and technology consultancy Boldy Go Industries in Germany. The consulting business now accounts for around 55 per cent of the Group's total revenue.

Revenues have increased by half in the last four years

Overall, Mazars Group’s global revenues have increased by 45 per cent in the last four years. International development has contributed significantly to this growth. “The faster-paced growth in 2016/2017 confirms the strong momentum that Mazars has gathered for several years. It also reflects our ambition to be recognised as one of the leading international organisations. The recent expansion of our activities strengthens our capabilities and opportunities as well as our ability to satisfy customers around the world,” said Philippe Castagnac, Chairman of Mazars’ Group Executive Board. Today the international Mazars partnership comprises 20,000 experts, including 980 partners, working in 300 offices in 86 countries and territories.

However, the Mazars Group is continuing to expand. In accordance with the approach of expanding the integrated partnership model, Mazars is further strengthening its presence on all continents. Since 1 January 2018, the Group has included two former correspondents Colombia and Uganda, in the internationally integrated partnership. In addition, Mazars has completed external growth activities in Italy, the Netherlands, Singapore, Sweden and the USA in recent weeks.

Outlook

By the year 2020, Mazars wants to reach the 2 billion euros revenue mark and employ more than 25,000 specialists.