23rd October 2015
Revenues break £520m at Grant Thornton
Revenues have grown to more than £520m at business and financial adviser Grant Thornton UK, with the amount of distributable profit per partner rising to almost £400,000.
The firm said revenues were up by 1.6 per cent to £521m in the year to 30 June 2015. Pre-tax profits during the year were £82m as distributable profit per partner rose by 3.4 per cent to £398,000.
Chief executive Sacha Romanovitch, who took the role in July, said the firm had smashed its previous ‘Ambitious 2015’ revenues target set in 2012 of £500m.
“Ambition 2015 called for an investment in our people and in 2015, the firm took on over 300 trainees, 20 per cent of which would not have been considered prior to the dropping of academic barriers two years ago – a move driven by the firm’s commitment to increasing access to the profession and improving social mobility,” said Romanovitch.
“We’ve also remained committed to the industry wide social mobility initiative Access Accountancy and already provided high quality tangible work experience to 20 young people from disadvantaged backgrounds in Manchester, with plans in place to rapidly increase this.”
Romanovitch added that Grant Thornton has “invested significantly” in capabilities and infrastructure to set it up for the next stage of growth, in both the UK and globally.
Grant Thornton’s audit and tax service lines both saw an increase of 5 per cent to £142m and 5.5 per cent to £96.3m respectively.
Its advisory business experienced strong growth in corporate finance (+40 per cent), reflecting the improving economic conditions in the UK and continued growth in forensic services and other advisory services.
However, revenues fell in Grant Thornton’s restructuring division as the number of corporate failures continued to fall.
Grant Thornton has offices across the UK including in Manchester, Birmingham, Bristol, Leeds, Gatwick and Milton Keynes.