Mazars, the integrated and independent international organisation specialising in audit, accountancy, tax and consulting services, announces a 14% growth in UK turnover in the year to 31 August 2015.
Overall fee income increased from £130.9m to £149.7m. During the same period, the firm’s profit rose by 10% from £26.2m to £28.8m.
Organic growth constituted the largest proportion of the rise in revenue, although just before the end of the financial year the firm acquired CompetitionRX, a leading, specialist provider of monitoring trustee services and compliance advice in merger control proceedings.
In terms of the firm’s major service lines: Audit and actuarial services are Mazars’ principal generators of fee income with a turnover of £59.6m, an increase of 14% on the previous year. Advisory services experienced an increase of 25% from £34.4m to £42.9m, thanks in particular to strong performance in a number of specialist areas including financial services consulting and project finance. The tax practice also made good progress, with an increase of 16% from £24.3m to £28.1m.
Birmingham managing partner Lee Cartwright 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.
He continued: “Delivering outstanding quality to our clients will always be our foremost goal; we know that goes hand in hand with seeking out, nurturing and channelling a diverse range of top class talent. Investing in broadening the range and depth of skills within our teams remains a priority.”
Mazars has also reported double-digit growth at an international level. The Group’s earnings rose 15.9% to €1.252bn.
It also further extended its geographic footprint, in particular through major strategic mergers in China and Germany, plus an expanded presence in Australia, Italy, Mozambique, Cyprus, and the Philippines.