Grant Thornton International revenues drop 9%

Grant Thornton International's revenues remained static in 2009 under constant exchange rates – but fell 9% when fluctuations against the dollar were taken into account.

Revenues for GT's 96 member firms stood at $3.6bn (£2.2bn) for the year ended 30 September 2009, compared to nearly $4bn a year earlier.

Assurance services fell 4% to $1.6bn.

"Grant Thornton, like all businesses, saw its revenue hindered by a difficult global economy in 2009, However, I am encouraged by these results. We knew the last 12 months would be challenging and many member firms had to make tough decisions to cut costs and refocus their businesses," said new GTI CEO Ed Nusbaum.

For the first time since its formation 30 years ago, more than half of Grant Thornton global revenues were generated by member firms outside of the US and UK, with the China/Hong Kong member firms now amongst the ten largest in the organisation.

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