Grant Thornton has recorded a 3.1% increase to
$3.8bn for the fiscal year ending 31 September 2011.
Advisory services reported the strongest
growth with a 3.5% increase, followed by taxes revenues and
assurance services that grew 2.1% and 1.4% respectively.
There strongest growth was seen in South
Africa. In the same continent Botswana and Morocco registered a 17%
increase and the firm expects further growth in Africa after the
acquisition of new member firms in Algeria and Senegal.
The Asia Pacific region grew by 9% thanks to
increase in revenues of over 20% in Australia, Malaysia and New
Zealand and 19.2% in Vietnam.
Grant Thornton said growth of 4% in the
Americas was largely due to the excellent performance of the
Canadian firms and also Argentina (24.4%).
Europe, Middle East and Africa revenues were
heavily impacted by the ongoing Euro-zone crisis with overall
growth of 0.6%.
“We knew 2011 would be another
challenging year but we continued to invest in our global network
through mergers and acquisitions,” Grant Thornton International
chief executive Ed Nusbaum said.
Grant Thornton has acquired 14 new member
firms during 2011 in locations of “strategic importance” such as
Algeria, Azerbaijan, Czech Republic, Ecuador, El Salvador, Estonia,
Iraq, Kazakhstan, Latvia, Lithuania, Romania, Senegal, Tajikistan
and Uzbekistan, adding a total of around 750 people worldwide, the
Nusbaum also said mergers in Canada,
Argentina, Austrian prompted impressive growth and a recent
merger in Russia will double the size of the firm in the