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December 22, 2011

Grant Thornton reports over 3% global growth

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 firm said.

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 country.


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