6 February 2024 – Mazars, the international audit, tax and advisory firm, today releases its global financial results for 2022/2023. This is the third consecutive year the firm has achieved double-digit growth across all services (both audit and non-audit). Despite ongoing market uncertainty, revenues are up 13% on last year, reaching €2.8 billion in fee income.
- Third consecutive year of double-digit fee income growth achieved across all service lines.
- 13.3% year-on-year organic growth, demonstrating the resilience and adaptability Mazars has built through its integrated partnership model operating in over 100 countries and territories.
- Revenue contributions of 43% audit and 57% non-audit emphasise the balance and strength of the firm’s multidisciplinary strategy to grow with purpose.
- Mazars in Switzerland with 14% growth compared to the previous year and another new location in Basel
The firm’s global results follow the recent news of its plans to create a new top ten global network later this year with US accounting firm FORVIS.
Hervé Hélias, Chairman of the Executive Board at Mazars Group said: “It’s been another successful year with 13% growth demonstrating the strength and relevance of our unique integrated partnership model. The quality of our multidisciplinary offering sets us apart, enabling us to better serve our clients, attract the best talent and serve the public interest”.
Growth across our regions and service lines
Performance across Europe (+15.3%) and North America (+21.4%) continued to be strong, particularly in France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Switzerland, the UK and the US. Latin America has shown impressive results this year, as our fastest growing region, with 25.8% growth.
The double-digit growth of the firm’s service lines for the third consecutive year shows a clear focus on its strategy and recognition of the increasing pressures felt by clients worldwide. As a result, sustainability services and our consulting services are the most rapidly growing offerings at 71% and 21.3% respectively.
With this objective in mind, Mazars continues to expand in new territories with new offices recently announced in Finland, Panama and Togo. In December 2023, the firm also appointed 139 partners from 41 countries, of which 31% are women.
Mazars in Switzerland with double-digit growth and new office in Basel
Mazars in Switzerland also closed the 2022/2023 financial year very successfully, recording a 14% increase in revenue. The divisions Financial Advisory (+28%), Tax (+20%) and Audit (+16%) recorded strong growth. In Switzerland, the company generated 55% of revenue with Audit and 45% with Advisory Services.
In Switzerland Mazars also expanded its presence in the market with the opening of a new office in Basel in autumn 2023. Basel is the tenth location of the firm in Switzerland. The company currently employs around 400 people in Switzerland.
José Caneda, CEO of Mazars in Switzerland, is delighted with the positive result: "We have once again succeeded in building trust with our clients and employees and strengthening our presence in the Swiss market. This is very pleasing and we will continue to expand our presence in Switzerland.”
Beyond financials – supporting business with lasting impact
The most recent Mazars C-suite barometer, conducted at the end of 2023, highlighted that technology and sustainability continue to have the biggest impact on businesses. Leaders have been under consistent pressure to digitise their business, evolve their sustainability strategies and invest in talent that will change the way they work.
Helias continued: “We’ve doubled down on our sustainability services to support our clients with their transformation and to provide assurance on non-financial information, which are increasingly expected by stakeholders. This is in line with our purpose to help build the foundations of a fairer, more prosperous world.”
“Overall, our performance and success in the last year would not have been possible without the dedicated involvement of our teams. As we step into a new year, we are excited by the opportunity to advance the scale of our offering through the new pioneering network with FORVIS in June and, more than ever, we are committed to helping our clients confidently build and grow their businesses.”
Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services*. Operating in over 95 countries and territories around the world, we draw on the expertise of more than 50,000 professionals – 33,000 in Mazars’ integrated partnership and 17,000 via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development. In Switzerland, Mazars relies on almost 400 professionals in ten different offices.
*Where permitted under applicable country laws