PracticeAuditPartner profits rocket at Grant Thornton

Partner profits rocket at Grant Thornton

Modest jumped in revenues but big leap in profits for Grant Thornton

Medium

Scott Barnes, GT chief executive

Grant Thornton (GT) has recorded a 40% jump in profits on the back of its merger with fellow accounting firm Robson Rhodes and following a round of redundancies as the crisis took hold last year.

Profits jumped to £78m, with the biggest increase seen in the advisory sector, up 11% while assurance revenue was down 6.2% to £136m and tax dropped 4.8% to £93m. The firm’s total revenues were £380m, an increase of 0.4%.

GT CEO Scott Barnes described the performance as “excellent in these conditions”.

“We acted earlier than others and this is reflected in our 40% growth in pretax profits for the year and against the backdrop of the recession we have done well,” he said.

Partner profits jumped 60% to an average of £321,000.

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