Thornton’s regional revenues rise 8.5pc

But profits fell 2 per cent across the group, which it blamed on the cost of new hires.

Grant Thornton said total turnover rose 10.6 per cent to £417m during the year ending June 2012. Revenue from the Leeds and Sheffield offices contributed £23m, up from £21.2m the previous year. Average profit per partner dipped to £350,000.

Jonathan Riley, senior partner in Yorkshire, said: “Overall, we have seen another strong year of growth in the region with our bid for the outsourcing of public sector audit resulting in increased revenues for the firm of £40m.

“Corporate finance remained a mixed picture reflecting current market uncertainty, but transaction advisory services outperformed the market underlining our investment in relationships with corporates.

“Over the last year, we have continued to invest in training and developing our team in both Leeds and Sheffield to provide the breadth and depth of expertise to support dynamic, growing businesses throughout the region.”

Grant Thornton, which has 27 offices in the UK, hired 300 new trainees and appointed 20 new partners during the year.

Headcount in Yorkshire fell to 290 from 300. Mr Riley said the market remains tough and does not expect growth to be driven by any economic upturn.