Mazars’ record global revenues confirm strength of its international, integrated, multidisciplinary strategy

• 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.
• Mazars in Singapore reports a robust 24.7% growth on the back of new business wins including banking and fintech endeavours, coupled with the rise in gender diversity in top management.

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 Singapore records a 24.7% robust growth

Rick Chan, Managing Partner at Mazars in Singapore says, “Mazars in Singapore similarly delivered a strong financial performance in 2022 in spite of economic headwinds. The landmark year witnessed our firm reporting a record fee income of S$30.14m (€21.1m) reflecting a 24.7% growth year-on-year. This incredible revenue growth is fuelled by new business wins and the expansion of our Audit and IPO reporting accountant services. Our Outsourcing and Tax services similarly reported sustainable growth.”

Furthermore, the Singapore financial services practice has made remarkable strides in the banking and FinTech spheres.

“Our appointment as the auditor for a qualifying full bank was a significant milestone for a non-Big 4 firm in Singapore. We also witnessed a rising demand in external audit, internal audit, and tax services for banks and fintech companies,” he continues.

In 2022, the firm continued its investment in talent to spur client confidence and business resilience.

“The robust performance is underpinned by the hard work of Mazarians and the firm’s increasing focus on audit technology and quality. In line with our diversity and inclusivity agenda, we expanded our female partner representation from 20% to 32%. The year 2022 also saw a record increase of five new global equity partners appointed from Singapore, bringing the total number to 13.”

“We look forward to accelerating our commitment in enhancing diversity in leadership positions and growing our capabilities across the firm. This is how we will continue to deliver high quality services to our clients and create tangible value for our people and community. We are confident in our ability to build on this momentum to step up our competitive growth and soar to new heights in 2023,” says Rick.

Beyond financials: 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.

Mazars 2021/2022 Singapore financial results highlights

• Fee income as at 31 August 2022: S$30.14m (€21.1m)
• Double-digit year-on-year growth at 24.7%
• Growth in service lines:
  • Audit (57.8%) +27.7%
  • Consulting (5.8%) +43.2%
  • Outsourcing (21.6%) +23.4%
  • Tax (12.5%) +17.7%