Profits up 10% at Grant Thornton
Grant Thornton has posted a 10.3% rise in post-tax profit to £75m, despite a dip in revenues.
Chief executive Sacha Romanovitch said the results give the firm “great cause for optimism” after a year turning the business “inside out.”
The average distributable profit per partner was up nearly 7% to £407,000.
The firm, which has an office in Birmingham, 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.
Romanovitch 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.”
Grant Thornton is now an adviser to more than 50% 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. It said 2016/17 also included game-changing work with a major UK clearing bank on the ring-fencing of its retail bank.
Ms 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.”
The firm also refined and expanded its Export Advisory Service, providing an integrated channel for clients to access specialist functions aimed at helping them export overseas.
Growth plans included investment in the firm’s strategic account programme – resulting in income growth of 24% during the year. In 2016/17 the firm also invested in its Financial Services and Forensics expertise with 30% of all partner appointments in this area. This investment resulted in Financial Services and Forensics contributing a combined 24% increase in profits year-on-year.
