Mazars announces another year of record revenues as it builds global ambition

February 2024 – Mazars, the international audit, tax and advisory firm, has released 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% globally and 17% in Australia on last year, reaching €2.8 billion (4.6bn AUD) globally and 71.7m AUD locally in fee income.

  • Third consecutive year of double-digit fee income growth achieved across all service lines.
  • 17.4% year-on-year organic growth in Australia following expansion of service capabilities and expertise.
  • 13.3% organic growth globally, 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.

Matthew Ashley, Managing Partner of Mazars in Sydney, commented on the achievement:  "In Australia, our dedication to nurturing talent and refining our expertise has been pivotal in delivering positive outcomes for our clients, enabling them to progress in market uncertainties. This year, we witnessed substantial growth across all service sectors and enhanced our offerings in tax, financial advisory, HR and IR consulting, sustainability, and risk consulting. This growth was fuelled by a strategic blend of external recruitment, deserved promotions from within, and the efficient utilisation of our international mobility program to facilitate seamless transfers.”

He adds: “Throughout 2023 several offices underwent transformative change, including major improvements to office facilities and a significant relocation of our Melbourne office to the CBD, ensuring our physical spaces meet the evolving needs of our dynamic workforce and elevated the client experience.”

The firm’s 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”.

“Building resilience has been important off the back of an eventful year and in which organisations continued to be tested. While it’s been a demanding environment, we have invested purposefully to support international growth and I’m pleased that this has remained strong. We understand the challenges our clients face now and looking ahead in the realms of international compliance, financial and non-financial reporting imperatives, and information systems security, and we are set to support businesses to achieve their ambitions.” 

Growth across our regions and service lines

Australia has emerged as a key contributor Mazars global expansion, boasting an impressive 17.4% organic growth rate across all service lines nationally. This standout performance underscores the significance of the Australian market within our global operations. While our regions worldwide have shown robust performance, with Europe (+15.3%) and North America (+21.4%) continuing their strong trajectory in key countries such as France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Switzerland, the UK, and the US, and Latin America marking our fastest regional growth at 25.8%, Australia was at the forefront, contributing significantly to our global year-on-year growth with a +13.6% increase in revenue. The exceptional growth in Australia not only reflects the firm's commitment to excellence and innovation but also aligns with our ambition to further strengthen our global presence and service capabilities.

Ashley comments: "The consistent double-digit expansion of our service lines for the third consecutive year underscores our strategic focus and acknowledges the mounting challenges our clients face globally. Notably, our sustainability and consulting services have seen the most rapid growth globally, at 71% and 21.3% respectively. The surge in demand for sustainability services, a trend well established in Europe and other parts of the world, is now reaching in Australia, reflecting the growing priorities of our local clients. In response to this evolving landscape, we have strategically invested in specialised teams and innovative tools, such as carbon footprint assessments, which draw on academic expertise to help our clients stay ahead of the regulatory curve and reporting requirements."

Helias comments: “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.”

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.

Hélias 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.”


2023 Financial Statements