The financial advisors saw operating profits climb to £52.2m in 2004 compared with the £40.3m taken during the previous year. The group also enjoyed an 8% increase in turnover to £237.2m.
The firm’s partners must have been particularly pleased with the 2004 performance: turnover per partner was up by 11% to £1.02m and average distributable profit per equity partner was up by 20% to £345,000.
The firm’s corporate finance department was the major contributor to the swelling profits. Benefiting from an upturn in merger and acquisition, corporate finance improved profitability by 35% on last year’s figures.
Forensic operations was another star performer, recording a 38% growth in fees to £13.7m. The group said it was also pleased with its tax and recovery and reorganisation departments, which continued to grow profits.
Michael Cleary, National Managing Partner of Grant Thornton, was pleased with the results.
‘Against an uncertain trading environment, the financial information for the current financial year shows an encouraging picture with further growth and improvement in profitability,’ he said.
Immediately after year end, Grant Thornton converted into a Limited Liability Partnership. Cleary said this would make the group ‘more appropriately structured’ to continue attracting the kind of staff that had contributed to the business’ success.
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