Forvis 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, Forvis Mazars’ international development and balanced multidisciplinary strategy.

Such financial performance confirms Forvis 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, Forvis 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, Forvis Mazars’ role, more than ever, is to be a trusted partner to clients,” says Hervé Hélias, CEO and Chairman of Forvis Mazars Group.

Balanced growth across regions and portfolio of activities

Strong performance across regions and services reflects, on the one hand, Forvis 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: Forvis 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 Forvis Mazars across geographies and service lines. Our performance confirms the quality and relevance of our services. Forvis 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 the fifth leading audit firm in financial services.”

Beyond financials: technology and sustainability as key business priorities to retain talent, foster quality and enhance client experience

In 2022, Forvis 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, Forvis 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.

“Forvis Mazars in South Africa has invested in a brand-new Innovation and Technology Hub. This investment, together with our investment in the Data Analytics School is expected to change the way we deliver audit and advisory services. We identified the need to equip the next generation with the skills to carve a career in data science. The diverse nature of Forvis Mazars allows candidates to explore other career options in accountancy, auditing and other financial services while attending the Forvis Mazars data school,” says Anoop Ninan, CEO of Forvis Mazars in South Africa.

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, Forvis 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 Forvis 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
• Leading audit firm in financial services, top five globally
• Growth in service lines:
  • Audit (43%) +15.5% [Forvis 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. Forvis Mazars is ranked fifth in the European audit market for large 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

13 February 2022