Partners at Grant Thornton saw their pay jump 35 per cent last year after the London accountancy firm posted bumper profits on the back of a boom in mergers and acquisitions.
Average profits earned by partners at accountancy giant Grant Thornton jumped from £451,000 in 2020 to highs of £611,000 in 2021.
The 35 per cent pay boost comes after the firm said its revenues increased 15 per cent, from £474m in 2020 to £543m in 2021, due to a boom in dealmaking activity.
The professional services firm’s profits also grew 35 per cent from £87m in 2020 to £118m in 2021 on the back of higher revenues and an increased focus on profitability.
The firm said investments in infrastructure and technology had helped it reduce costs and boost profits, as it noted revenues from its deals and business consulting team had jumped 40 per cent due to “buoyant demand for M&A advisory services”.
The auditor’s bumper profits came after the firm was fined £2.3m in September of last year for its audit of collapsed café chain Patisserie Valerie.
The strong results also come after Grant Thornton was fined a further £1.3m for its audit of collapsed construction company Interserve.
The firm said it had increased its headcount by 12 per cent last year by growing its team from 4,585 in 2020 to 5,113 in 2021.
The accountancy giant noted it had also taken on 33 new partners last year, 39 per cent of whom were women.
Grant Thornton’s strong results came after the firm handed company CEO David Dunckley a second four-year term heading the accountancy company.