15 December 2009

South Africa: JSE-Listed Clients Lift Revenue at Mazars

Johannesburg — AUDIT, tax and advisory services firm Mazars Moores Rowland reported revenue of R267m for the financial year to August. This represented an increase of 27% over last year's financial results.

Hilton Saven, chairman of Mazars Moores Rowland, said yesterday the increase in South African revenue was 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 SA. This also resulted in a growth in staff in line with the increasing fees.

Mazars is ranked 6th among South African accounting firms in terms of fee income, according to a survey on SA in the September edition of the International Accounting Bulletin.

"These results underline the benefits of the decision we took more than two years ago to join the global Mazars group," said Saven, who was recently elected as a member of Mazars' global group executive board.

The Johannesburg office experienced the most significant growth in revenue -- an increase of 61% over last year. The forensic services division enjoyed growth in revenue of more than 102%, mainly because of 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 had affected markets worldwide, said Saven.

At the same time, Mazars international reported a 6,4% increase in global fee income (at constant exchange rates), which generated a turnover of €774m for the same period.

To date, Mazars is the only global audit and advisory firm that publishes an annual report that includes accounts co-audited according to international financial reporting standards on a global level.

The firm had performed this exercise since 2004, said Patrick de Cambourg, president of Mazars globally.

De Cambourg said the positive results reflected the strength of the strategic choices made by the group over the past few years. The group had recently expanded its operations in four other countries. Mazars now has more than 11000 professionals in 55 jurisdictions.

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