Mazars’ Scottish fee income soars

The result north of the border came as the firm, which has operates throughout 93 countries, reported a 14 per cent rise in turnover for the year to the end of August across its UK operations.

Overall fee income increased from £130.9m to £149.7m, the company said.

During the same period, the firm’s profit rose by 10 per cent from £26.2m to £28.8m.

Organic growth constituted the largest proportion of the rise in revenue, although just before the end of the financial year the firm acquired CompetitionRX, a specialist provider of monitoring trustee services and compliance advice in merger control proceedings.

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.