The mid-tier firm has reported turnover of £471m for the financial year ended 30 June 2013. Gran Thornton says the results mean it now expects to reach its target of £500m revenue in 2014, a year earlier than originally targeted in its "Ambition 2015" plan.
Grant Thornton CEO Scott Barnes discusses market consolidation, diversity in the profession, and his own future
The advisory service line saw impressive growth of 21.2% in the year, and the audit practice also recorded strong growth of 9.2% in the twelve months.
Turnover in the tax department remained fairly flat.
In the year, the firm had promoted 25 partners and directors, and taken on 280 new trainees. Distributable profits rose 6% over the year, equalling an increase in average profit per partner of 4.2%.
Speaking to economia Scott Barnes, CEO of Grant Thornton, said the firm would continue looking at organic growth opportunities for the firm.
Earlier this year Grant Thornton bought the UK financial services advisory arm of consultancy Navigant, and the Individual Voluntary Arrangement (IVA) arm of Money Debt & Credit Group, following on from the hiring of 300 former Audit Commission employees last year. However, Barnes ruled out a large-scale merger along the lines of the BDO/PKF tie-up, which has created a firm with combined revenues closing in on those of Grant Thornton.
For the first time, the firm has also published details of its contribution to the Exchequer, paying a total of £161.8m in all taxes, with an average rate of tax paid per partner on this year’s profits estimated at 42.5%.
Barnes said, “These strong results reflect the hard work and collaboration of all our people who are focused on delivering our strategy and achieving our Ambition 2015 plans.
“During the past five years, we’ve pursued a very deliberate strategy of investing in those parts of our business where we could take market leading positions – such as in the public sector audit and financial services space – along with reinforcing our strengths in our core mid-market segment.
“There are of course continued challenges in the marketplace, and our business model is clearly delivering. As economic confidence grows, our position as a stand out band within the marketplace means we look positively towards the long-term future.”
Watch a full interview with Scott Barnes above, where he discusses market consolidation, diversity in the profession, and his own future.