• Register
Return to: Home > News > ‘Disappointing’ results for Grant Thornton UK see’s partner pay drop

‘Disappointing’ results for Grant Thornton UK see’s partner pay drop

Grant Thornton UK CEO Dave Dunckley has described the firm’s financial performance for FY2017/18 as ‘disappointing’, after a fall in revenue to £491m year-on-year.

Profits per partner also dropped year-on-year from £407,000 to £373,000.

The firm’s audit revenue only grew by £2m, as did its tax service line, to £157m and £109m respectively. Meanwhile, its ‘Advisory – Other’ service line dropped by £23m which was due to the conclusion of a long-standing project.

Despite areas of flat growth and an overall drop in revenue, the firm’s Corporate Finance Advisory and Transaction Advisory Services had record years, with combined revenues up 30% up year-on-year.

Dunckley, who was only appointed as CEO last month, admitted it had been a difficult year for the firm which saw its previous COE Sacha Ramonovitch appraisal leaked to various media sources and her subsequent resignation.

In the firm’s annual report Dunckley, commented:  “There is no escaping the fact that it has been a tough year for Grant Thornton. The decision by an individual to disclose confidential and private information about the firm, and about our former CEO Sacha Romanovitch, was unprofessional and disappointing.

“I want to make it clear that Grant Thornton UK condemns such actions and take the opportunity to apologise to Sacha and thank her for her leadership.”

Explaining some of the reasons for the drop in revenue, Dunckley said:  “This was a combination of significant work coming to an end and not being replaced, the exiting of work no longer core to our business and the disappointing take-up of new propositions – in particular the ongoing cost of our investment and withdrawal of Geniac, our platform to support back office functions for small businesses.”

Grant Thornton was listed as being the UK’s fifth largest firm in the International Accounting Bulletin’s 2017 UK country survey however that is likely set to change over the next couple of years following the merger between BDO UK and Moore Stephens UK.

Top Content

    MSI joins AGN and DFK in Global Connect

    A year after AGN International and DFK International launched Global Connect, multi-disciplinary association MSI has joined the group.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    The UK: uncertain waves rule Britannia

    The UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.