Focus on clients, quality, people, environment and innovation lead to substantial revenue growth at Mazars

25 March 2024 - Driven by the intrinsic motivation to present our sustainability report and annual financial report as an integrated whole and encouraged by the CSRD, we proudly present our first integrated annual report for 2022 / 2023. Last year we have seen many developments affecting our profession, including the competition for talent, new standards and fast-changing technological developments.

We are committed to creating shared value with and for our stakeholders. We have done this over the past year by having an open dialogue with stakeholders and raising expectations. Our stakeholders took an important and active role in our dual materiality analysis. Through this exchange of views, we can respond to changes in a more targeted and timely manner and support our clients even better with our services. In addition, this is an important step towards our future CSRD reporting. 

The year 2022 / 2023 also marked the third and penultimate period of our One24 strategy. We continued to work on the themes and objectives and made adjustments where necessary in the following areas:

  • Enhancing our service delivery model (Our clients)
  • Fostering a true quality and risk management culture across the firm (Our quality)
  • Care for and help develop our people (Our people)
  • Evolving towards a more purposeful, sustainable and innovative organisation (Our impact)
  • Sustaining our growth (Our sustainable growth)

Our clients

We are committed to helping our clients realise their ambitions and seize opportunities. Especially as they feel the increasing pressure from tightened regulations and sustainability requirements to artificial intelligence and digitalisation. The coming year will also be the first year in which large public-interest organisations have to report on sustainability as a result of the Corporate Sustainability Reporting Directive (CSRD). This is a challenge where Mazars has invested in the right expertise and is ready to support clients in this regard. 

Our quality

In the increasingly complex environment in which we operate, it has become even more important to have a solid and robust approach to delivering quality, supported by a solid internal quality control framework. Quality is the foundation of our professional reputation and is one of the key pillars of our One24 strategy. We continue to invest in our people, culture, systems and processes so that we can continuously improve.

Our people

Mazars exists because of its people and our people make Mazars. They are the driving force behind our organisation, our culture, our future and our success. Worldwide, we value diversity as one of our core values. We strive to create an inclusive working environment for all, where each individual is encouraged to develop empowered by providing equal opportunities and fair remuneration. We are proud to have received the highest rating of 'Excellent' for equal pay within Mazars this year. Mazars is a professional business service provider, but also a training institute where we invest in and look after our people. Attracting and retaining people is still a challenge both nationally and internationally. We believe that people only choose an organisation if they are convinced that they are joining a safe community where they can be themselves, develop and add value. This is also a priority in our strategy and is embodied in our objective: 'Mazars, a global school of excellence'.

Our impact

Globally, Mazars is committed to making a positive impact on people, the environment and society and reducing our negative impact from the 'MazarsForGood' mindset. We are committed to meeting our 'net zero' commitment and contributing to address the climate crisis by transforming our business operations and deepening partnerships for a low-carbon transition. In our operations, we have deployed several measures to reduce our emissions. These measures include our offices, our procurement policy and mobility policy. We constantly monitor the development of sustainable travel solutions and encourage our people to use public transport. In addition, our new lease cars are fully electric or plug-in hybrid. We expect the same care for people, the environment and society from our suppliers and remain committed to making an impact towards a sustainable future. Our people also contribute to this by participating in the Mazars Foundation activities in the field of education, vitality and sustainability.

Our financial results

Consolidated turnover for 2022 / 2023 was €153.4 million, an increase of 11.0% compared to 2021 / 2022. Our revenue growth was mainly attributable to the three largest service lines, Audit & assurance, Tax and Accountancy & outsourcing. We are proud that, despite the challenges in the labour market, we remain an attractive employer that people want to commit to in order to enable this growth. We see in the consulting-related service lines that the market for these services is currently tight, putting pressure on revenue. Sustainability is a new service line in 2022 / 2023, consisting of ESG consulting services to our clients. We expect increased sales in this service line in the coming years. Gross margin as a percentage of revenue has decreased slightly due to investments in people, quality and technology, but remains at a healthy level.


For the 2023 / 2024 financial year, we expect organic growth in line with our strategic objectives, while we will continue to face the challenges of the labour market and the need to invest in quality, as well as the impact of economic developments such as geopolitical uncertainties. Together with our people and partners, we remain committed to the common good and the future of Mazars in line with our purpose. The 2023 / 2024 financial year will also be marked by the formation of a network with FORVIS, that will come into effect on 1 June 2024. This will enable us to offer an even better service globally, while working on the basis of the same standards and values.

About Mazars

We are an international audit, tax and advisory firm committed to helping our clients confidently build and grow their businesses. We always seek to understand our clients and their environments, adjusting our recommendations and support accordingly.  

Present in over 100 countries, we work together as one team across borders and functions. We combine our skills and expertise with both a global perspective and local knowledge to provide clients with a broad array of professional services. We empower our people to help clients make the most of opportunities, operate with conviction, and give confidence to their stakeholders. 

Mazars is a multicultural and united partnership with shared goals, values and service standards across the world. We take pride in our technical expertise and the quality of our work. We have the skills and the scale to serve clients of all sizes, across all sectors, while remaining agile, personal and distinct in our approach. When working with us, you can expect the utmost quality within ethical and legal frameworks. Our clients' trust in our judgement is the reason we exist. And we want to continually earn that trust. 

We approach every piece of work with independence, accountability and a social conscience, and we take responsibility for shaping a sustainable industry as well as helping build the economic foundations of a fair and prosperous world. 

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