Revenues up nine per cent as Grant Thornton hits turnover target year early

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FINANCIAL adviser Grant Thornton reported a nine per cent jump in annual revenues in what it described as its fifth successive year of strong results.

Revenue rose to £512m for the year to June 30 June, hitting the firm’s 2015 turnover target one year early.

The group, which has three offices in Yorkshire and the North East in Leeds, Sheffield and Newcastle with a team of over 300, said revenue was driven by its advisory practice, which reported growth of 15 per cent.

The firm also saw its audit practice improve by four per cent whilst turnover from its tax division remained broadly flat.

Will Oxley, practice leader for Grant Thornton’s Leeds and Newcastle offices, said: “This has been another successful year for the firm both nationally and regionally with high quality and sustainable growth.

“In Yorkshire and the North East, we beat our targets across the board with the advisory practice putting in a particularly strong performance consistent with the wider firm.”

Profits rose 7.7 per cent in absolute terms and on a like-for-like basis average pre-tax profit per partner was up by 15 per cent to £402,000.

“Having focused on supporting businesses during some challenging years, we are now reaping the benefits as clients take advantage of new market opportunities and start to realise their potential for growth,” said Mr Oxley.

“Whether working alongside mid-sized businesses or larger corporates and financial institutions, both in the UK and overseas, we are able to look ahead with optimism.

Over the year 42 new partners and directors were appointed, alongside 276 new trainees (both graduates and school leavers) and 116 paid interns.

Distributable profit per partner rose 10 per cent to £385,000 after accounting for tax changes which occurred mid-way through the year. The firm’s total contribution to the Exchequer in respect of all taxes was £169.4m.