• Register
Return to: Home > News > Tax > Grant Thornton revenue up 2.3% to $3.7bn

Grant Thornton revenue up 2.3% to $3.7bn

Grant Thornton International posted healthy network growth across its major business lines and geographic regions despite a drop from its largest member firm. The network's combined member firm revenue increased by 2.3 percent to $3.7 billion in the year to 30 September 2010.

Grant Thornton is the seventh largest accounting network in terms of revenue, according to International Accounting Bulletin data. BDO is the largest mid-tier network with combined revenue of $5.3 billion while RSM International, placed sixth, reported revenue of $3.9 billion.

Grant Thornton’s global assurance business grew revenue 3 percent to $1.7 billion, tax grew 7 percent to $816 million, while advisory grew by 1 percent to $890 million.

Grant Thornton has a fourth category, which combines its other services such as outsourcing. This business line contracted revenue by 7 percent to $279 million.

“We knew 2010 would be another challenging year but we continued to invest in our global network through mergers and acquisitions and implemented new global processes and approaches that benefit all our member firms,” Grant Thornton International chief executive Ed Nusbaum said.

EMEA leads growth

Grant Thornton firm revenue in Europe, the Middle East and Africa grew 4 percent which included strong increases in France (5.2 percent) and Sweden (8.6 percent).

New admissions and start ups in Albania, Croatia, Romania, Serbia, Azerbaijan and Georgia also helped boost revenue in the region.

Grant Thornton’s Asia-Pacific revenue grew by 3 percent, which included growth in Australia of 15 percent and a 17 percent increase in China. This year the network’s Hong Kong firm joined rival BDO after Grant Thornton pursued a strategy to build a new Hong Kong firm through its Mainland China office.

Revenues in the US were 5.3 percent down on last year but 14 percent growth in Canada helped the Americas region grow by almost 1 percent.

“Elsewhere in the world, Grant Thornton International investment in India and significant acquisitions and mergers in Argentina, Canada and the US have also helped to build the critical mass we need to compete at the highest levels within the global marketplace,” Nusbaum said.

“We will continue to build our presence in Central Asia, with the addition of Tajikistan in 2010 and Kazakhstan and Uzbekistan in early 2011.”

Top Content

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    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.