- Strategic investment drives strong growth for Grant Thornton
Strategic investment drives strong growth for Grant Thornton
Grant Thornton International Ltd said today a deliberate focus on key strategic growth markets has led to record combined global revenues of USD 5.45 billion for the financial year ended 30 September 2018, driven by broad-based growth of 9.4% across the network. This is the network’s highest rate of growth in six years.
Peter Bodin, CEO Grant Thornton International Ltd, says: “First and foremost, I would like to acknowledge the commitment, passion and determination of our people, which has helped the network to deliver such a fantastic result. Our success this year is the result of a deliberate strategic focus on our core mid-market client base, and our key strategic growth markets where we want to be successful. Being clear on where we need to develop our capabilities, and focusing on quality in those core markets, has underpinned this performance.
We continue investing in our network, in our technology, and in the development of our people and future leaders to ensure we are where clients need us to be and that we’re ready to deliver quality advice and support in a rapidly changing market.”
Results for year ending 30 September 2018 in summary:
- The Grant Thornton network recorded growth of 9.4% on USD terms with total combined member firm revenues of USD 5.45bn.
- The number of people in the Grant Thornton network globally grew by 6.3% to 52,686 people in 131 countries.
- Assurance services made up approximately 39% of total revenues (USD2.1bn, +4.3%); Advisory services 35% (USD1.92bn +10.4%); Tax services experienced the strongest growth, accounting for 22% of total revenue (USD1.19bn +14.8%) reflecting the changing tax landscape. Other services accounted for 3% at USD145m.
- Over 20% of the growth in 2018 has come from mergers and acquisitions - more in both volume and value than in the previous two years. In total, there were 24 deals from 10 firms with the Japanese merger being the largest and Canada LLP being the most active by number.
- The Americas remain the network’s largest market with revenues of USD2.5bn (+5.7%), followed by Europe at USD1.75bn (+7.7%). Particularly strong growth came from Africa (up 54.7%) and Asia Pacific (up 18.7%).
- The network brought in seven new member firms – Austria, Cameroon, Dutch Caribbean, Lebanon, Malawi, Mongolia and South Africa.
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