December 17, 2009
Mazars Moores Rowland reports revenue of R267 million and 27% growth
Mazars Moores Rowland, the South African arm of global audit, tax and advisory services group Mazars, has announced revenues of R267 million for the year to 31 August 2009. This represents an increase of 27% over 2008.
According to a survey on South Africa in the International Accounting Bulletin (23 September 2009), Mazars is now ranked 6th among South African accounting firms in terms of fee income. At the same time Mazars international announced a 6.4% increase in global fee income (at constant exchange rates) which generated a turnover of 774 million euros for the same period.
Hilton Saven, Chairman of Mazars Moores Rowland, says the increase in South African revenue is attributed to the addition of more JSE-listed clients, referrals from the Mazars group and organic growth. The company has offices in nine centres in South Africa*. This also resulted in a growth in staff in line with the increasing fees.
The Johannesburg office experienced the most significant growth in revenue – an increase of 61% over last year. In terms of divisions, Forensic Services enjoyed growth in revenue of over 102% primarily due to work referrals from Mazars Paris for work performed throughout Africa. However, the Corporate Finance division declined in line with the slowing down of transaction activity which has affected markets worldwide.
“These results underline the benefits of the decision we took more than two years ago to join the global Mazars group,” says Saven, who was recently elected as a member of Mazars’ global Group Executive Board. This board is in charge of the group’s management, drives global strategy and objectives together with international service lines.
Patrick de Cambourg, President of Mazars globally, says that Saven’s appointment is an enormous accolade and reflects the value of the South African operation to the larger group as well as the group’s commitment to emerging economies.
Discussing the group’s results, de Cambourg says the positive figures confirm the strength of the strategic choices made by the group over the last few years.
“We have continued to implement a strategy of expanding our geographic coverage within the context of our integrated business model, ensuring we expand beyond our European heart to become a recognised global player. Our international results need to be seen in the context of the global financial crisis and against the robust model adopted by Mazars over the last number of years.”
Mazars has expanded its operations in four further countries following a vote at the annual global partners’ convention held in London this month. Mazars now has over 11,000 professionals in 55 countries.
Over the last three years the group’s turnover has grown by 47%, with 40% of this being attributable to new offices. De Cambourg says 41% of Mazars’ people are now based outside of Europe through the development of platforms in the Asia-Pacific, Africa-Middle East and Latin American regions.
De Cambourg adds that Mazars' progress is a result of robust organic growth and strategic acquisitions in high potential regions.
“This balance is the foundation of our strength and the key to our continued development. In this difficult economic environment, client service remains central to everything we do, and we will best support our clients by offering them appropriate and adapted services delivered by high quality teams across five continents,” he says.
Mazars is the only global audit, tax and advisory firm whose accounts are audited according to IFRS standards.
“At this time of crisis, when the transparency and responsibility of economic and financial players is a major issue, we believe it’s important to adhere to the same standards as our listed clients,” says de Cambourg.
Mazars is also the only partnership to be truly internationally integrated where partners have a say, by way of annual vote, on key decisions affecting the group’s development.
Looking ahead to next year de Cambourg says: “We go into 2010 convinced that our values, our business model and our strategy for growth are well founded, and we’re planning for organic growth of approximately 6% next year and a significant improvement in profitability.”
*Cape Town, Johannesburg, Paarl, Bloemfontein, Durban, George, Plettenberg Bay, Port Elizabeth and Pretoria.
Issued by: Claire Densham Communications On behalf of: Mazars Moores Rowland
Contact Mazars: Hilton Saven or Noleen Hepburn 021-405-4000
Contact Claire Densham: 021-914-9353; 082-906-3201
Posted at December 17, 2009 10:03 AM