Grant Thornton interim revenues surge 16%

Grant Thornton
revenues climbed by 16% to £142m for the six months to 31 December 2006, as
the firm benefited from a buoyant merger and acquistion market and the robust
performance of

All service lines at the firm enjoyed growth, but it was corporate finance
that showed the most impressive progress, growing by 50%. Forensic and
investigation services also grew impressively, rising 35%.

Grant Thornton has been involved as nominated advisers in 15 AIM transactions
raising in excess of £1bn through primary and secondary fundraisings. A major
coup for the firm was to win the reporting accountant and tax adviser role for
the £2bn float on the stock exchange of
Sports Direct

Assurance revenues were up 11%, a factor that Grant Thornton chief executive
Michael Cleary attributed to more PLC audit wins.

‘I am delighted with our excellent growth rate for the first six months of
our financial year and I am both greatly encouraged and excited about the
quality of the work we are winning in the first few months of 2007,’ Cleary

Cleary used the results announcement to continue calls for more choice and
competition in the audit market, following on from last year’s Oxera report on
the topic.

‘I am acutely aware that a business of the size and quality of Grant Thornton
can achieve far more, particularly once we’ve succeeded in blowing away the
cobwebs of inaccurate perceptions leading to what can only be described as ”
institutional prejudice” within the market, where there is a tendency to regard
the Big Four as the only firms capable of handling the audits of larger listed
companies,’ he said.

The firm did not disclose operating profits.

Further reading:

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