REVENUES LEAPED more than 10% to £417m at Grant Thornton during the last year.
The firm saw revenues increase by 10.6% for the year ending 30 June 2012, mainly through growth in its recovery and restructuring department. Profits climbed by £1m, with the firm investing in new offices and hiring 300 new trainees.
Distributable profits per partner fell 3% to £335,000.
The advisory practice grew to 37.5m (up 22%), with corporate finance joining recovery in growth – albeit at a lower rate of 6%.
Tax grew 3% to £91.9m, while assurance revenues were broadly flat at £120m.
Continued growth will be driven in the latest year with the firm’s Audit Commission contract wins and its personal insolvency division – beefed up following the acquisition of RSM Tenon’s IVA division.
The firm remains on track to meet its 2015 target of £500m in revenues.
“We continue to focus on delivering excellent and value-adding services, and leveraging our international network and capabilities for the benefit of the mid-market, the engine room of UK economy,” said Grant Thornton CEO Scott Barnes.
“This is our third year of very strong results and current trading remains strong. We are very realistic as the market remains tough and we do not expect growth to be driven by any economic upswing. We have invested strongly for sustainability, and shall continue to do so, achieving our growth ambitions through increased market share and investments to deepen and widen our capability.”
RSM has announced the appointment of a record 350 trainees across all locations in the UK – expanding the total headcount of the firm by 10%
The Middle East arm of Deloitte and Touche is being sued by a Dubai-based investment group after it failed to spot money laundering at a now defunct Lebanese bank
Smith & Williamson has named Grant Hotson as group finance director
PwC’s UK risk assurance practice is on track to recruit more than 1,000 technology specialists over the next four years to meet increasing client demand for digital, regulatory and cyber security services