Grant Thornton hails increase in profits after a 'positive year'

Grant Thornton Partner  Andy Wood.Grant Thornton Partner  Andy Wood.
Grant Thornton Partner Andy Wood.
Professional services giant Grant Thornton has posted a 10.3 per cent increase in profits to £75m.

The accountancy business, which has large offices in Sheffield and Leeds, registered revenues of £500m and also saw a significant increase in its brand awareness nationally.

Bosses hailed its “bold steps to drive its purpose-led strategy, radically reshaping its portfolio to help shape a vibrant economy”.

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Grant Thornton said it had taken steps to reshape its client portfolio, replacing 20 per cent of profits through exiting streams of business and investing in others aligned to its purpose-led business strategy.

Andy Wood, managing partner for Grant Thornton Yorkshire, said 2016/17 was a “positive year of progress here in Yorkshire”.

“We have grown across each of audit, tax and advisory in contributing to the firm’s overall results, as we continue to focus on driving a vibrant economy in the region.

“We’ve continued to develop our talent, further enhanced by the addition of a number of experienced lateral hires over the past two years, and resulting in the strong senior leadership team that we now have embedded into the business. We’re extremely proud of the involvement that they, and the rest of our team, have had in the firm’s successes. This is reflected in the fantastic work we have delivered for our clients this year, from high-profile deals and tax advice, to winning new audit assignments. We’re delighted to be working with dynamic, progressive businesses contributing to the thriving economy in Yorkshire.

“We’re excited about what’s ahead.”

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Sacha Romanovitch, CEO of Grant Thornton UK LLP said: “2016/17 delivered results which gives us great cause for optimism. Our brand awareness is at an all-time high, we are growing our market share in each of the three impact areas outlined in our Vision 2020 strategy, and we are seeing the seeds of sustainable profit growth driven by a unique shared enterprise culture.”