Mazars has reported its UK audit business saw a third straight year of double-digit growth despite tough economic conditions and competition within the sector.
The international professional services firm said that in the year ending in August 2023, the UK division saw a 16 per cent bump in revenue to £335m and a seven per cent increase in profit.
Bonuses paid to Mazars’ UK team members increased by 16 per cent. The firm touted the fact that it is now the fifth largest auditor of PIEs (public interest entities) in the UK when measured by fee income.
The government classes some large businesses as PIEs to ensure firms of public importance are subject to appropriate regulation.
Mazars’ UK business now audits four FTSE 250 companies and 52 financial services PIEs.
Across the global Mazars group, revenue was up 13 per cent on 2022, hitting €2.8bn in fee income.
Mazars said that Forvis Mazars, a top 10 global two-firm network formed from the combination of its US business with American accounting giant Forvis, would launch on 1 June 2024.
The tie-up comes amid more consolidation in the wider sector as auditors look to compete internationally and have faced weaker demand for some of their services.
Mazars chief executive Phil Verity said on Wednesday: “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.”