Slow and steady growth for Grant Thornton as profits and revenues both rise
Professional services firm Grant Thornton reported full-year profits were up to £78.6m from £77.9m in 2014 on the back of revenues, which rose from £512m to £521m.
Revenue grew at a slower pace, up 1.6 per cent, compared with a nine per cent rise last year. The firm said it had seen several major projects complete in the period, accounting for the slight cool-off.
Chief executive Sacha Romanovitch told City PM the firm’s investment in the corporate finance department had paid off, with strong growth there offsetting a weak performance in recovery and restructuring, a testament to the strengthening UK economy.
The main measure of success for accountancy firms, distributable profit per partner, rose 3.4 per cent to £398,000 for its 185 UK partners.
The UK’s fifth-biggest accountancy firm is consulting on whether to become a partnership under the leadership of new chief executive Romanovitch.
Romanovitch told City PM there had been “phenomenal engagement with the idea. It shows we have smart people, all involved in growing the business together”.