Mazars posts rise in annual profits and fee income
Mazars delivers 14% increase in annual fee income, while profits rise 10% to £38.8m
MAZARS has announced a 14% uplift in UK turnover in the year to 31 August 2015.
The top ten firm grew overall fee income from £130.9m to £149.7m and saw its profit rise 10% from £26.2m to £28.8m.
Audit and actuarial services proved to be Mazars’ main fee earner with a £59.6m turnover, up 14% on the previous year, while advisory services leapt 25% from £34.4m to £42.9m, thanks to a strong performance financial services consulting and project finance. The tax practice also performed well, with a 16% rise from £24.3m to £28.1m.
Organic growth was responsible for the biggest rise in revenue, while the firm also bought CompetitionRX, a provider of monitoring trustee services and compliance advice in merger control proceedings.
Phil Verity, UK senior partner said: “This is a very strong set of results. We continue to make excellent headway and I’m proud of the advances we’ve made across the business. The firm has experienced over 45% growth since 2010, one of the fastest growth rates among the top ten UK firms.
“This is thanks to our strategy of achieving long-term sustainable growth by responding to clients needs, developing our international capabilities, investing in the markets where we shine and pursuing the right opportunities as they arise. We are very encouraged by our progress.”
Internationally, Mazars has also reported double-digit growth with group earnings rising 15.9% to €1.25bn. It expanded its footprint through major strategic mergers in China and Germany, and deepened its presence in Australia, Italy, Mozambique, Cyprus, and the Philippines.
