Partner profits rocket at Grant Thornton
Modest jumped in revenues but big leap in profits for Grant Thornton
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.