24% increase in fee income in Scotland for our members Mazars
International accountancy firm Mazars has posted a 14 per cent rise in turnover for the year to the end of August, including a 24 per cent jump in fee income from its Scottish operations.
Organic growth made up the biggest proportion of the rise in UK revenue, which came in at £149.7 million, though trustee services specialist CompetitionRX was acquired just before the close of the financial year. Profits during the period were up by 10 per cent at £28.8m.
Audit and actuarial services made up 40 per cent of UK income, an increase of 14 per cent on the previous year. This was followed by advisory services, which grew by a quarter to £42.9m, and a 16 per cent increase in tax revenues to £28.1m.
Margaret Laidlaw, managing partner of Mazars in Scotland, said the firm’s offices in Edinburgh, Glasgow and Perth generated total fee income of £8.9m during the year, up from £7.2m previously. The Scottish practice, which works primarily with owner-managed and family-run businesses, saw strong growth in professional services, recruitment, private client services and corporate finance.
Laidlaw, who is targeting revenues of £9.7m in Scotland for the current year, said Mazars is continuing to make “excellent headway”.
“The firm has experienced over 45 per cent growth since 2010, one of the fastest growth rates among the top ten UK firms,” she said. “This is thanks to our strategy of achieving long-term sustainable growth by responding to client needs, developing our international capabilities, investing in the markets where we shine and pursuing the right opportunities as they arise.”
Laidlaw led a team of eight who left the Edinburgh office of RSM Tenon to join Mazars at the end of 2013. She was made managing partner last year, taking over from predecessor Peter Jibson.
Brian Hay Smith, Business Development Partner at Mazars has been a member of WeDO for 2 years. Mazars were headline sponsors of our Awards Dinner in November and several of the Scottish team were in attendance at the event where they also sponsored the Blushbooth photobooth.
We congratulate all of the Scottish team on achieving such high levels of growth and we wish you all the very best for another great result this year.