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Grant Thornton revs up for growth after strong year

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The chief executive of Grant Thornton believes the firm has a “powerful platform” to continue its recent growth.

2nd Apr 2024
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Grant Thornton has posted a rise in revenue and operating profit as the firm builds on the momentum of recent years, having enjoyed a “standout” 12 months.

For the year to 31 December 2023, the company reported revenue of £690.2m compared to £647.8m in 2022.

Operating profit increased from £124m to £146.2m, while pre-tax profits also increased from £121.2m to £142.7m.

Grant Thornton noted that while economic conditions led to modest growth in its advisory and tax practices, its audit practice saw “significant gains throughout the year”.

Headcount on the rise

The firm’s headcount also increased to more than 5,500 people as part of the “ongoing investment” in its workforce, including more than 1,200 new joiners and 25 new partners.

As a result of its performance in 2023, Grant Thornton was able to make an investment of £11m in salary increases and allocated 15% of trading profits for discretionary bonuses.

Its average profit per partner rose 11% to £644,000.

Standout year

Chief executive Malcolm Gomersall said 2023 had been “another standout year for our firm”.

“While uncertainty, inflationary pressures and overall trading conditions continued to impact our markets, our firm’s resilience meant we were able to continue investing in our people and operations to remain a top choice for clients,” he added.

“The foundations we’ve laid mean our firm is set up for future success, with a strong pipeline of talent, a culture focused on ‘doing what’s right, ahead of what’s easy’ and an operational agility that allows us to capitalise on new market opportunities while maintaining a core focus on quality.

“This gives us a powerful platform to continue to grow in the years to come.”

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By FactChecker
02nd Apr 2024 21:07

Building profits almost entirely on the back of their Audit practice ... now that's brave!

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