Grant Thornton sees global revenues grow by 3.3% to 4.8 billion

27 January 2017 Consultancy.uk

Grant Thornton member firms have seen their revenues grow by 3.3% on average, measured in US dollar terms. The firm's headcount in the mean time grew by 11.4% on the year previous, breaching 47,000 people.

Grant Thornton has enjoyed a year of strong growth with revenues across its 130 global member firms up 7.8% on average in local currency terms, and 3.3% when measured in US dollars. The organisation saw its employee base increase by 11.4% to around 47,000 people, while adding new member firms in several countries, including Bosnia and Herzegovina, Croatia, Rwanda and Slovenia.

Grant Thornton sees global member firm revenues grow by 3.3%

In terms of service lines growth, tax services saw the biggest increase, up 4.4% to more than $2 billion, followed by assurance services, up 3.6% to $1 billion, while advisory services grew by 1.4% to $1,65 billion. From a regional perspective, the Americas remains the largest revenue generator at around $2,3 billion employing more than 16,600 people, followed by Europe where 13,700 people generate revenues of around $1.7 billion.

Ed Nusbaum, global CEO of Grant Thornton International, remarks about the firm’s result, “All credit goes to our 47,000 people in more than 130 countries for all that we have accomplished in the past year. We have created a solid platform for growth, placing both our people and our clients at the heart of our global strategy, allowing us to build on our quality and focus on our foundations to create sustainable growth for the future.

In the UK the firm recent expanded its footprint into the Scottish city of Aberdeen.

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PA Consulting results reveal record 14% revenue growth

17 April 2019 Consultancy.uk

Global professional services firm PA Consulting has reported another year of strong growth, outpacing the global consulting market significantly over the duration of 2018. PA’s revenue boomed by 14%, passing £455.8 million over the course of the year.

Founded in 1943, by Englishmen Ernest Butten, Tom Kirkham and David Seymour, the firm once known as Personnel Administration has since gone on to become one of the largest consulting firms in the world. PA Consulting Group, as it is now known, has over 2,600 professionals and a global presence spanning 18 countries. While turnover took a decade to recover from a rocky spell after the global financial crisis, PA Consulting is now firmly on the upward incline.

PA has booked strong growth in recent years, following its securing of private equity investment from the Carlyle Group in 2015. While the first full year of results following that move were slightly muted, due in part to the altering of how PA measured its results, the decision has clearly paid dividends since. Revenues jumped by 6% in 2017, hitting an all-time high of £400 million in the process.

Annual consulting revenues of PA Consulting versus UK market

Now, in the latest chapter of the firm’s rapid turnaround, the innovation and transformation consultancy has revealed things only got better in 2018. A set of record results released in April have confirmed that fee income rocketed up by 14% over the course of the prior 12 months, hitting £455.8 million. Considering the UK’s consulting market saw growth slow for the second year running (just 5.6%), PA’s performance is even more pronounced, especially in its first year of full results since influential Chair Marcus Agius stood down. 

The firm is also outpacing the global consulting market. Analytics firm Statista estimates that the consulting market expanded by 4.08% in 2018. As a result of such bullish demand, PA Consulting has also bolstered its staffing, boosting its consulting team’s headcount by 10% in the space of 12 months. 

PA’s team was further strengthened with its continued acquisition campaign, which brought three new firms into the fold during 2018. Boston-based innovation company Essential Design, specialist digital service design firm We Are Friday and London-based digital insight and strategy consultancy Sparkler all became part of PA over the course of the year. PA has also announced plans to recruit 400 professionals for its new digital centre in Belfast. 

‘Not traditional’

In terms of client work, in the UK PA supported Skipping Rocks Lab to create an edible alternative to single use plastic drink packaging, and worked on a notable restructuring project at disability charity Scope. Further afield, PA helped Norwegian authorities deliver their citizen-facing digital services, while in the US and India, PA partnered with Virgin Hyperloop One to build the first new mode of transport in a century, one that hopes to revolutionise travel. It even worked with United Nations to identify the technologies most likely to contribute to the achievement of the organization's Sustainable Development Goals.

Commenting on the year’s performance, Alan Middleton, PA Consulting CEO, said, “We’re not a traditional consulting firm and we think this is key to our ongoing success and why 98% of our clients recommend us… Our people are strategists, technologists, digital experts, consultants, designers, scientists and engineers – all of whom bring real-world experience, and apply it at pace. We offer the innovation, design, digital and transformation skills that our clients need to change, fast. There’s a sense of optimism behind our purpose. And it’s a feeling that inspires our people as well as our clients.”

The existing staff of PA also enjoyed a bumper year, as it was revealed that a refinancing manoeuver at the firm was expected to land over 1,000 employee shareholders a significant pay-out. The firm’s debt, which includes vendor loan notes put in place when Carlyle purchased the firm, is set to be refinanced in a deal worth £350 million.