PracticeAccounting FirmsGrant Thornton International revenues drop 9%

Grant Thornton International revenues drop 9%

GTI hangs tough but is hit by currency fluctuations

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.

Further reading:

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