Mazars UK revenues rise by 16% to £335m in FY23

Mazars, the international audit, tax and advisory firm, has reported a 16% increase in UK revenue to £335m and a 13% increase in global revenue to €2.8bn (£2.39bn) for the year ended August 2023. Ahead of the formation of Forvis Mazars on 1 June 2024 Mazars has made significant investments in its people and business operations. The firm has increased spending on its people by 23%, to £189.3m, reflecting both the growth of the team by 18% (to 3,273) and reward, with bonuses increasing by 16%. Recruitment has also taken place at all levels, including the appointment of 13 new partners, eight of whom have been promoted from within the firm. Moreover, Mazars welcomed record numbers of trainees (421) in the past financial year, and the firm has also been named in the Times Top 100 Apprenticeship Employers for 2023. It has also had a total of 83 students gain experience at Mazars from the Access Accountancy, 10,000 Able Interns and 10,000 Black interns programmes. Additionally, the central audit quality and IT team grew by 40% in the financial year, investing ahead of the curve to deliver “quality alongside strong growth for the audit service line overall”. The firm is now auditor of four FTSE250 companies and 52 financial services PIEs, making Mazars the fifth largest auditor of PIEs in the UK when measured by fee income. This financial year also saw major investments in facilities, underlining the firm’s commitment to creating “modern”, “sustainable” and “collaborative” working spaces for its team members. The two new offices; the flagship London office in Old Bailey and Edinburgh’s Capital Square premises; both offer “exceptional” environmental credentials, with the latter accredited with BREEAM’s ‘excellent’ standard. Phil Verity, Mazars CEO, said: “Despite a less buoyant economy in the past year and a competitive marketplace, our 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.”