Profits up 10% as accountants maintain fast growth

INTERNATIONAL accountancy firm Mazars has reported strong financial results for its UK practice, with fee income up 14% and profits rising 10%.
Driven by strong organic growth the firm said revenues in the year to August 2015 rose £18.89m to £149.7m. In the same period, the firm’s profit increased by £2.6m to £28.8m.
Its Leeds office, which has 12 partners and 105 staff, credits its partnership with Yorkshire County Cricket Club for helping to raise its profile.
Its highlights included the sale of Amber Cars to Veezu, a new client win with Bayfield Opticians and partnership with Q Park on a new parking salary sacrifice scheme.
Ian Wrightson, northern region managing partner hailed a “very strong set of results”.
He said: “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.”
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% to £42.9m, thanks in particular to strong performance in a number of specialist areas including financial services consulting and project finance. Income from the tax practice rose 16% to £28.1m.
Internationally, Mazars also reported double-digit growth with income rising 15.9% to €1.252bn (£970m). 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. Mazars operates 77 countries.
 

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