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Further growth as Mazars backs talent

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It’s been a strong year for Mazars, with chief executive Phil Verity outlining the benefits of investing in talent.

20th Mar 2024
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Mazars has reported a third consecutive year of double-digit revenue growth, with the international audit, tax and advisory firm’s chief executive attributing the performance to investing in talent.

In financial results covering the year to August 2023, Mazars posted a 16% rise in revenue to £335m. This is within the context of global revenue growth of 13% to €2.8bn.

Ahead of the formation of Forvis Mazars on 1 June 2024 - with the deal announced in November 2023 - Mazars has made several investments in its people and business, having increased spending on the former by 23% to £189.3m. As part of this, bonuses have increased by 16%.

Recruitment has also taken place across the business during the financial year, including the appointment of 13 partners, eight of whom have been promoted from within the firm. Mazars also welcomed a record number of trainees at 421.

Mazars chief executive Phil Verity noted that despite a less buoyant economy in the past year and a “competitive marketplace”, the firm’s strategy to invest in talent “has enabled our business to deliver double digit growth this year”.

“I am very proud to see the strength of our firm’s development as we enter a very exciting time ahead of the creation of our new global network with Forvis. We will be able to provide our clients with an expanded and highly competitive offering providing truly global reach.”

As far as investments in the business go, Mazars has backed the central audit quality and IT team - which grew by 40% in the financial year - as well as its Innovation function, which has more than doubled in size and, this year, created a dedicated AI team.

It has also spent on workplace improvements, with the firm taking two new offices at London’s Old Bailey and Edinburgh’s Capital Square.

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