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January 19, 2015

Grant Thornton International reports $4.7bn in global revenue

Grant Thornton International reports revenue of $4.7bn in the year to 30 September 2014, up 4.6%.

This is a slight dip in growth after Grant Thornton International’s 8.1% growth reported last year, which topped the growth chart among the top ten global networks in 2013, including the Big Four.

Grant Thornton International chief executive Edward Nusbaum said that while the network had added a number of new member firms in the last year, it also registered a strong organic growth: "Our organic growth is solid. We have had many new clients coming on board in the second half of 2014 and that will probably be reflected in the 2015 numbers. But in the last year we’ve seen a lot of activity and stronger demand for all our services."

Because of the financial crisis in the past few years a lot of the growth came from the M&A activity and resulted in a lot of consolidation in the profession, he continued. "The change going forward is that now that the economy has rebounded in the USA and continues to be strong in the UK, we will see more organic growth in the coming years."

In 2014 the network reported 3.5% increase in assurance to $2bn, 2.7% in tax to $950m, 4.8% in advisory to 1.3bn, 12.4% in outsourcing to $291m and other non-audit services grew 31.7% to $88m.

Nusbaum said that audit will continue to be a core service for accounting firms in the coming year, different types of advisory services will continue to emerge.

"One of the trends going forward is that the accounting firms will look at a wider variety of advisory services they can offer," he said.

Regionally, Asia-Pacific revenues were up 3% to $583m, Europe 6.3% to $1.8bn, 2.8% Americas $2bn, 6.3% Africa to $106m, 14.7% Middle East and CIS region fee income increased by 51.5% to $41m.

The global networks workforce increase by just over 4% to 40,197 people in 130 countries.

Related links:

Grant Thornton International

 

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