Mazars, the international tax, audit and advisory firm, has on 25 May announced its full year results for FY19/20.
With an August financial year end, these results encompass the full extent of the Government’s primary lockdown measures, the acute economic uncertainty at the outset of the pandemic, and a firm-wide shift to remote working which occurred almost exactly at the half-year point. During the year, Mazars grew revenue by £5.7m (3%), passing the £200m threshold for the first time, increased headcount by 4% through continued investment, and ended the year with a strengthened balance sheet and reduced net borrowings of £13m.
Phil Verity, UK Senior Partner said: “This has been a year of unique and unexpected challenges. Our people have demonstrated unwavering resilience, spirit and determination, which has enabled us to deliver for, and support our clients against a difficult backdrop.
“The year was not about financial performance. We are instead most proud of how our team has risen to every challenge, worked together so positively, and supported our clients throughout.
“Despite the many challenges, we have taken the opportunity to plan ahead by launching our 4-year strategy, enabling us to emerge from the pandemic with real positivity and momentum”.
Consistent investment in IT transformation over recent years enabled a smooth transition to remote working, which underpinned the firm’s ability to deliver for clients and collaborate with teams throughout the pandemic. This programme of investment will continue, alongside building the team at all levels of seniority. Mazars honoured all trainee offers in 2020 and will see its largest ever entry-level intake in 2021.
In October 2020 Mazars launched a new global brand and commitment to help build the economic foundations of a fair and prosperous world. The firm has published its first annual comprehensive sustainability report and, as part of its ongoing drive to build an inclusive, diverse organisation which is representative of the society in which it operates, the firm became signatory to the Women in Finance Charter, Charter for Black Talent in Finance and the Professions, 10,000 Black Interns and the Valuable 500.