Grant Thornton UK has reported revenues of
£377million ($603.9m) for year ended 30 June 2011, down 0.7% from
fiscal 2010.

The firm said assurance revenue grew 2.8% to
£122.3m; however tax services marked a 1.4% drop to £91.7m.

Overall advisory revenues were £150m, with
17.7% growth in forensic and investigation services and 1.9% growth
in recovery and reorganisation.

Grant Thornton UK chief executive Scott Barnes
told the International Accounting Bulletin corporate
finance revenue dropped £5.7m to £35.2m due to the UK governments
reduced expenditure as a result of the spending cuts.

Barnes said the firm has held on to, “a high
level of profitability, which we achieved in the previous fiscal

“We have held on to the profits we made in the
year to 30 June 2010. In the context of what has been happening in
the economy we are proud of what we have achieved. Especially as
some assignment from FY10 did not occur in FY11,” he said.

Barnes also said the firm is expecting to see
some more public sector work in the next year.

“We have just been appointed to the
manufacturing advisory service by the government, which is
providing advice to middle market businesses looking to expand,” he

The firm’s profits per partner increased to
£342,000, which according to Barnes is due to the firm having
slightly less partners then in the previous years.

In the past fiscal year Grant Thornton UK made
two acquisitions. “We invested £20million in acquisitions, most
notably in Smart Consulting from LECG and an IVA book from Blair
Endersby; both acquisitions will have a significant positive impact
in future years,” the firm said.

Barnes said there are no large acquisitions in
the pipeline at the moment, however “I think there will be more and
more opportunities for acquisitions of smaller businesses going

“I think that is because the downturn has
lasted a lot longer then anyone has expected and I think there are
some businesses out there that are looking to change ownership and
are looking at strong firms like ours to take them on,” he

Grant Thornton UK has also announced ambitious
plans for growth aiming to report £500m in annual revenues for

Barnes said the firm is expecting a large
percentage of that will come from advisory.

“We think we can grow that further in areas
like forensics, restructuring and we are also expecting corporate
finance to pick up especially as the economy improves,” he