| Grant Thornton reports double-digit growth |
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| Thursday, 29 November 2007 | |
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Business and financial adviser Grant Thornton has reported a 14 per cent growth in turnover for the year ending 30 June 2007 with pre-tax profit growing by over 16 per cent to £76m. Having completed a merger with RSM Robson Rhodes on 1 July 2007, Grant Thornton has since grown into a £389m turnover business with over 300 partners and 4,100 staff operating from 33 locations in the UK, Cayman and the British Virgin Islands. The figures represent the tenth straight year of annual income growth and were achieved thanks to strong performances across a number of service streams. In the financial year to 30 June 2007 Grant Thornton's audit and assurance practice recorded a 12 per cent increase in fee income with Tax services growing at 17 per cent, buoyed by new client wins within the public and private markets. The firm’s corporate finance business benefited from an upturn in M&A activity which helped deliver growth of 28 per cent. Michael Cleary, Grant Thornton UK’s CEO said that the merger has created a firm which is the adviser of choice on AIM, a leading player in the mid-market and the provider of non-audit services to one in four of the FTSE 100. "The market is no longer content with firms, however competent within national borders, that are unable to access a strong and cohesive international network,” he added. In the past few months, beyond the UK, expansion activities have been undertaken by Grant Thornton’s member firms in India, China, Japan, Russia and parts of South America, with a new member firm joining in Spain. "To thrive we need to present our clients with an ever improved offering of local knowledge and global access which will boost our business and also allow us to break down those misplaced institutional perceptions that have stopped us from being seen as a real option within the larger listed company audit market," Cleary said. He added that the firm remains committed to building a £500 million turnover business by 2010. Related articles
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