Grant Thornton posts 2012 double-digit revenue growth

REVENUES LEAPED more than 10% to £417m at Grant Thornton during the last year.

The firm saw revenues increase by 10.6% for the year ending 30 June 2012, mainly through growth in its recovery and restructuring department. Profits climbed by £1m, with the firm investing in new offices and hiring 300 new trainees.

Distributable profits per partner fell 3% to £335,000.

The advisory practice grew to 37.5m (up 22%), with corporate finance joining recovery in growth – albeit at a lower rate of 6%.

Tax grew 3% to £91.9m, while assurance revenues were broadly flat at £120m.

Continued growth will be driven in the latest year with the firm's Audit Commission contract wins and its personal insolvency division – beefed up following the acquisition of RSM Tenon's IVA division.

The firm remains on track to meet its 2015 target of £500m in revenues.

"We continue to focus on delivering excellent and value-adding services, and leveraging our international network and capabilities for the benefit of the mid-market, the engine room of UK economy," said Grant Thornton CEO Scott Barnes.

"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."