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January 11, 2011

Grant Thornton revenue up 2.3% to $3.7bn

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.”

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