• 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

    Blockchain and the Big Four: does it deserve all the hype?

    Although still in its infancy, blockchain is one of the most talked-about technologies of 2018. Will the blockchain bubble burst, or will it live up to its reputation as the ‘new internet’? Eleanor Jerome investigates

    read more

    Malaysia: Ready to show its strength

    Recent changes have enhanced the quality of audit reports in Malaysia, giving the profession a welcome opportunity to demonstrate its value to clients. Paul Golden reports

    read more

    China: Regulating the Chinese dragon

    Harsh regulatory actions and looming US trade wars have been dampening expectations in a Chinese market still full of potential, finds Jonathan Minter

    read more

    Indigenous Australians: New checks and balances

    With fewer than 40 known qualified Indigenous Australian accountants, Jonathan Minter speaks to Shelley Cable from PwC Australia about how increasing this number is an important part of improving the financial literacy of Indigenous communities

    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.