Grant Thornton set to fly through £500m revenue barrier
Double-digit growth for 2012/13 should see Grant Thornton make £500m income in the next year - ahead of its internal target
ANOTHER YEAR of strong growth should propel Grant Thornton through its £500m revenue target a year early.
Revenues climbed 13% to £471m for the financial year ending 20 June 2013. Operating profit was up 4% to £70m, from £67.5m.
The growth, the vast majority of which was organic, came from its advisory services line, which grew 21.2% to £248.7m, from £205.2m. Forensics and business risk services – including regulatory advice – were big growth areas in advisory.
Its audit line climbed 9.2% to £131.1m, while tax was static at £91.9m (from £91.4m).
Profits distributable to partners climbed 6%, however an increase in its numbers saw the average profit per partner climb 4.2%.
Financial Services was a big sector for the firm in the last financial year, particularly around regulatory advice.
Scott Barnes (pictured), CEO, Grant Thornton UK, said: “These strong results reflect the hard work and collaboration of all our people who are focused on delivering our strategy and achieving our ‘Ambition 2015’ plans.
“During the past five years, we’ve pursued a very deliberate strategy of investing in those parts of our business where we could take market leading positions – such as in the public sector audit and financial services space – along with reinforcing our strengths in our core mid-market segment.”