The global revenues of Grant Thornton has grown by 4.6% in its most recent fiscal year, to a record income of $4.7 billion. Compared to a decade ago, the international accounting and consulting giant has seen its global turnover more than double, reveal an analysis from Consultancy.uk.
In 2002 Grant Thornton booked a global revenue of approximately $1.5 billion, realised by a footprint of 85 member firms and roughly 19,000 employees. Two years later the professionals services firm broke through the barrier of 20,000 employees, and revenues sat at $2.1 billion. Since, Grant Thornton has been on an impressive expansion drive, growing every year, with just one exception (2009), and ending five years with double-digit growth. In 2012 the advisory firm exceeded the $4 billion revenue milestone, and by the fiscal year that ended in 2013, the combined revenues of Grant Thornton’s member firms had reached $4.5 billion, making it the sixth largest accountancy and advisory network of the globe.
Last week, the firm released its figures for its 2014 fiscal year, and on the back of 4.6% growth, revenues have jumped to $4.7 billion. “I am proud of our organisation's achievements in 2014 and all credit goes to our 40,000 people in 130 countries who every day are making a difference with clients, in their workplace and in their community,” says Ed Nusbaum, global CEO of Grant Thornton International.
Revenues in the Americas grew 2.8% to $2.1 billion, Europe revenues increased 6.3% to $1.9 billion, with among others Asia Pacific, Africa and the Middle East making up for the remainder. From a functional perspective advisory was the strongest performer, growing 4.8%, versus 3.5% for Assurance and 2.7% for Tax. The pattern is by no means a novel phenomenon, Grant Thornton’s advisory business has been growing faster than the other units for a number of years now, a trend that is visible throughout the wider accountancy landscape. With margins in assurance and accounting under increasing pressure, the Big Four and other accounting giants have been intensifying their activities in the consulting industry (with the acquisition of Booz & Company by PwC* the most notable example), a market assessed to be worth more than $220 billion**.
In the case of Grant Thornton the same is true. An analysis of the growth between 2004 and 2014 reveals that the Advisory business has grown by a staggering 179%, significantly outpacing the other two major functional areas.
Looking ahead, Nusbaum expects that his firm will be able to continue its push for growth, yet points at professionalism as the more important objective, stating: “Our goal going into 2015 is to continue to provide high quality services to our clients and to help them, and our people, unlock their potential for growth.”
* Following the integration, Booz & Company was rebranded to Strategy&. The Big Four firm was forced to rebrand the strategy consultancy, as part of the legal agreements made by Booz Allen Hamilton and Booz & Company when they split in 2008.
** See the section ‘Global Consulting Market’ for more information.