Tax services grew by 3% to £91.9m and the bulk of the growth came from advisory services, up 22% to £205.2m.

Grant Thornton UK said that within its advisory practice corporate finance services grew 6% and recovery & reorganisation’s turnover increased by 22%.

Grant Thornton UK chief executive Scott Barnes said: "The partnership has delivered a strong result for the year, which is ahead of expectations and testament to our core strategy and the hard work and vision of the people within the business.

"We are seeing revenue growth benefits from our 2011 investments and work wins and are forecasting continued growth in 2012/13 from the gains we made in 2011/12, most notably our Audit Commission contracts, which confirm our ability to undertake quality audits of large and complex organisations."

The firm’s average distributable profit per partner decreased by 2% to £335,000 and is said to reflect the investment undertaken by the firm.

The firm said the results were in line with the target of achieving £500m in revenues by 2015.
Last week Grant Tronton International US firm reported a revenue increase of 9.3%, indicating a promising picture for the network’s global result, which are to be unveiled later in the year.