• Strategic investment drives strong growth for Grant Thornton

Grant Thornton International Ltd said today a deliberate focus on key strategic growth markets has led to record combined global revenues of USD5.45 billion for the financial year ended 30 September 2018, driven by broad-based growth of 9.4% across the network. This is the network’s highest rate of growth in six years.  

In particular, the results were driven by: 

  • Transformational mergers in Japan and South Africa, combined with strong organic growth across Asia Pacific and Africa, delivering stand out growth in both regions (18.7% and 54.7% respectively); 
  • Above average growth in Europe (7.7%) with over half of European member firms growing revenues by over 10%; 
  • Particularly strong growth from tax (14.8%) and advisory (10.4%) service lines across the network.

Peter Bodin, CEO Grant Thornton International Ltd, says: “First and foremost, I would like to acknowledge the commitment, passion and determination of our people, which has helped the network to deliver such a fantastic result.  

“Our success this year is the result of a deliberate strategic focus on our core mid-market client base, and our key strategic growth markets where we want to be successful. Being clear on where we need to develop our capabilities, and focusing on quality in those core markets, has underpinned this performance. 

“Despite growing uncertainty in many markets this year from political upheaval and rising trade tensions, trading conditions have remained robust for clients around the world. Many have taken advantage of these favourable conditions to invest for the long-term and prepare for the uncertain conditions that may lay ahead. 

“This is why we’ve been investing too. Investing in our network, in our technology, and in the development of our people and future leaders to ensure we are where clients need us to be and that we’re ready to deliver quality advice and support in a rapidly changing market.” 

The largest merger of the year took place in Japan with the addition of Yusei Audit Co. and Yamada & Partners Certified Public Tax Accountants’ Co. to the network, adding 900 new staff and substantially boosting Grant Thornton’s tax and audit capabilities across the region. 

The Japanese merger was complemented by strong organic growth across the region, most notably among the ASEAN countries of Indonesia (31.9%), Malaysia (27.2%), Singapore (16.3%) and Thailand (12.6%).  Across the Asia Pacific region, 42% of member firms grew revenues by over 10%. 

In Africa, seven member firms grew their revenue by over 20% and the network completed a significant merger with SizweNtsalubaGobodo, the largest black-owned firm in South Africa, which will help deliver the quality and capability our clients expect both globally, and in the South African market.

Europe saw above average growth of 7.7% with Ireland (24.4%), Greece (23.1%) and Spain (21.3%) performing particularly well.  Meanwhile, the Americas achieved a growth rate of 5.7% driven by strong performances from many firms including Canada LLP (13.2%), Chile (17.4%) and the US (4.8%).

Peter continues: “It’s great to see our firms from markets across the globe flourishing as we continue to build a sustainable next-generation professional services organisation.”