Grant Thornton reports 40pc surge in annual pre-tax profit

Business and financial adviser Grant Thornton yesterday said annual pre-tax profits grew by 40.2 per cent to £77.6m following its merger with Robson Rhodes and a period of restructuring and cost-cutting.

In the year to 30 June the firm’s revenue rose 0.4 per cent to £379.7m. Advisory revenue grew 11.1 per cent to £151.2m but Assurance revenue was down by 6.2 per cent to £135.5m and Tax by 4.8 per cent to £93.0m.

Chief executive Scott Barnes said Grant Thornton’s profitability and cash position had created a platform for growth as the firm emerges from the difficult economic environment. Grant Thornton’s strategy is focused on acquisitions to build on its organic growth. This week it acquired litigation support consultancy Legal Inc for integration into its forensic practice.

“Our overall performance has been excellent in these conditions. We acted earlier than some others and this is reflected in our 40 per cent growth in pre-tax profits for the year and, against the backdrop of the recession, we have done well to maintain our overall level of revenue,” Barnes said. “We need to increase our profitability further but this was the start I was looking for in my first full year leading the firm.”