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.”