Grant Thornton hungry for acquisitions

Scott Barnes, who was born in Leeds, confirmed last night that acquisitions formed a key element of Grant Thornton's strategy as it emerged from a "difficult economic environment".

Grant Thornton UK's pre-tax profits grew by 40.2 per cent to 77.6m in the financial year ended June 30, 2010. Full year revenue was 379.7m, an increase of 0.4 per cent.

A spokesman said the improved performance was due to a lower cost base and restructuring following the merger with Robson Rhodes.

Advisory revenue grew 11.1 per cent to 151.2m but assurance revenue was down by 6.2 per cent to 135.5m and tax by 4.8 per cent to 93m.

Batley Grammar School old boy Mr Barnes said Grant Thornton's strong profitability and cash position created a platform for growth.

He added: "This week we have completed the acquisition of litigation support and ediscovery consultancy Legal which has been integrated into our forensic practice.

"We need to increase our profitability further but this was the start I was looking for in my first full year leading the firm."

Jonathan Riley, the managing partner of Grant Thornton's Leeds office, said: "With our profits returning to an upward trend and a healthier level, we have attained the financial strength to enable us to focus on the firm's longer-term future and growth strategy. All the indicators suggest the coming 12 months will be difficult for the economy, businesses and the professional services firms that serve them but, in the medium term, as the recovery takes hold, we will be looking at specialist firms and teams that will boost our advisory services and assurance division."

Garry Meakin, the Sheffield office managing partner, added: "Growth in the top line in a very challenging trading environment is fantastic and the 40 per cent improvement in profitability allows us to invest in the top people we need for the future."