Income down but profits up at Grant Thornton

Grant Thornton has reported a drop in income for 2017 but posted a 10.3% rise in post-tax profit to £75m while average distributable profit per partner was up nearly 7% to £407,000.

The firm, which employs 450 staff in the North West, saw overall revenue drop 6.4% from £534m to £500m as the business reshaped its client portfolio. A major factor in the fall in revenues was the unexpected cessation of a Government contract to deliver business growth services, otherwise like for like revenue would have been 2.5% up.

Chief executive Sacha Romanovitch said the results give the firm “great cause for optimism” after a year turning the business “inside out”.

She said: “Our brand awareness is at an all-time high, we are growing our market share in each of the three impact areas outlined in our Vision 2020 strategy, and we are seeing the seeds of sustainable profit growth driven by a unique shared enterprise culture.

“Our ability to gain and sustain market share, as well as our increased brand awareness, clearly demonstrates that our purpose-led strategy is resonating with the market.  This positions us well for future growth as we turn increased awareness into valuable commercial outcomes for our clients and our business.”

Carl Williams, North West managing partner at Grant Thornton, said: “During the year under review we invested significantly in our senior team, including the appointment of new partners Sarah O’Toole, Peter Terry and Mick Frankish, who are making an excellent contribution to our practice in a number of ways, from winning new clients to developing our talented teams in Liverpool and Manchester.

“A major personal highlight for me was to see our vision of a Vibrant Economy gathering pace in the North West through our Manchester Health Inquiry in late 2016. This event helped bring together business, healthcare, charity, academic and local authority leaders in a new and effective way, sparking conversations and collaborations.”

Grant Thornton is now an adviser to over 51% of the FTSE100, is the leading auditor to the public sector, and its private sector clients employ more than 6.3 million people in the UK.  2016/17 also included game-changing work with a major UK clearing bank on the ring-fencing of its retail bank.

Romanovitch added: “2016/17 was a year of excellent progress.  2017/18 is a year where we will build upon that progress to deliver exceptional client value and sustainable growth.”