Grant Thornton revenues rise 10.6%
GRANT Thornton, the accountants and business advisers, has reported a 10.6% increase in annual revenues to £417m.
After investing in new hires and offices in Birmingham and three other locations, average distributable profit per partner fell 2% to £335,000.
By business unit, the firm’s advisory practice grew 22% to £37.5m to £205.2m, reflecting a 6% growth in corporate finance division and an 28% increase in recovery & reorganisation turnover.
Taxation services revenues grew by 3% to £91.9m, while assurance revenues were broadly flat at £120m.
GT’s said its government infrastructure advisory team had seen a “strong year of growth” and had won contracts for the Manufacturing Advisory Services and GrowthAccelerator programme.
Taxation services grew by 3% to £91.9m, while Assurance revenues remained broadly flat at £120m.
Scott Barnes, chief executive: “The partnership has delivered a strong result for the year, which is ahead of expectations and testament to our core strategy and the hard work and vision of the people within the business.
“We are seeing revenue growth benefits from our 2011 investments and work wins and are forecasting continued growth in 2012/13 from the gains we made in 2011/12, most notably our Audit Commission contracts, which confirm our ability to undertake quality audits of large and complex organisations.
Grant Thornton has around 450 staff at its Mnachester and Liverpool offices. Regionally the firm has just acquired RSM Tenon’s Manchester-based IVA business for £7m.
Mr Barnes added: “This is our third year of very strong results and current trading remains strong. We are very realistic as the market remains tough and we do not expect growth to be driven by any economic upswing.
“We have invested strongly for sustainability, and shall continue to do so, achieving our growth ambitions through increased market share and investments to deepen and widen our capability.”
