Mazars announces 18.2% leap in profits
Mazars' figures show significant growth in advisory services and wealth management, while its tax practice shrinks
MAZARS has announced an 18.2% increase in its UK profits for the year to 31 August 2014, the Top Ten firm has announced.
The firm’s profit before tax increased to £26.2m compared to £22.2m in the previous year.
Overall fee income for the same period was up 8.6% to £130.9m, marking five successive years of growth and an overall increase in revenues of 28% during the same period.
The firm cited merger and acquisition activity – specifically that of Deloitte’s specialist public sector internal audit business – as a significant source of its growth, contributing 3% overall.
The firm’s advisory service lines experienced growth of 22% to £34.4m from £28.2m, while audit and actuarial services remain Mazars’ principal generator of fee income: turnover increased by 8.3% to £52.3m from £48.3m.
The tax practice recorded a slight drop in fee income of 0.8%, to £24.3m from £24.5m. Turnover in insolvency and investigation services grew by 2.2% to £19.9m. The firm’s wealth management business saw funds under management grow by 27% to £376m over the year.
UK senior partner Phil Verity said: “The results demonstrate very encouraging progress: our strategy is based on achieving long-term sustainable growth through responding to clients’ needs, investing and innovating in the markets and areas where we shine, and pursuing the right opportunities as they arise. The significant increase in profitability is testament to this.”