Grant Thornton hits 2015 revenue target
Professional services firm Grant Thornton UK has reported its fifth consecutive year of growth, with turnover up 9 per cent to £512m. It signals the firm hitting its 'Ambition 2015' turnover target one year early.
The predominantly organic growth in the year to 30 June 2014 was driven by the strength of its advisory practice, which grew by 15 per cent, Grant Thornton said.
Average pre-tax profit per partner also rose by 15 per cent to £402,000 on a like-for like basis, with distributable profit per partner increasing by 10 per cent to £385,000.
During the period, a total of 42 partners and directors were appointed, along with 276 trainees, including graduates and school leavers, and 116 paid interns.
Regional managing partner Dave Munton said the figures were another "very strong" set of results and reflected the firm's strategy to be the leading adviser in the markets in which it operates.
"Locally, our results broadly mirror those of the wider firm, with turnover increasing by 14 per cent year on year and growth across all of our audit, tax and advisory streams," he added.
"Our performance is a further reflection of the fantastic people and the dynamic, entrepreneurial clients we work with, whose relationships we value strongly.
"We now enter our new financial year with a great platform from which to grow further, investing in new talent and working with all our clients to help them realise their strategic objectives and unlock their potential for growth."
Scott Barnes, chief executive of Grant Thornton UK, said: "I'm delighted to again report strong revenue and profit growth for the firm, breaking the half a billion barrier a year earlier than outlined in our Ambition 2015, which is a clear testament to the hard work of all our people.
"Our ambition isn't only about revenue though, and this is not a time to stand still, with plenty still to do.
"The economy is picking up, but the market continues to be competitive and challenges remain. As a firm we are looking ahead with optimism, as we remain client focused, striving constantly to improve efficiency and quality in all areas of our work."
PIC: Dave Munton