Grant Thornton reports 10.4% growth rate

News release

Grant Thornton reports 10.4% growth rate and record global revenues of $4.2 billion

Growth rate leads six largest global accounting organisations

EMBARGO: 20 December 2012
Grant Thornton today announced record combined global revenues of US$4.2 billion driven by 10.4% growth in US dollars (18.8% in Euros, €3.2 billion) and 13.2% in local currency for the year ended 30 September 2012. Grant Thornton led the six largest global accounting organizations in reported revenue growth for 2012.

“While we are proud of this accomplishment, I know our people will say the true measure of our success is how well we served our clients,” said Ed Nusbaum, CEO, Grant Thornton International Ltd. “By this measure, I am confident in saying it was a very good year and something we will build upon. Our continued ambition going into 2013 is to be recognised as the leading provider of high quality, professional services to dynamic organisations, helping them unlock their potential for growth.”

Workforce
• Workforce grew by more than 14% to 35,809 people in 124 countries.

Service line growth
• Growth was strong across all key service lines, with assurance growing 11% to US$1.9 billion, tax growing 9% to US$0.9 billion and advisory growing 18% to US$1.1 billion.

Regional revenue growth
• Asia Pacific reported revenue growth of 33% to US$579m, boosted by significant M&A activity in Australia and China. India reported strong organic growth of 25%.
• Latin America reported revenue growth of 20% (26% in local currency), to US$146 million. Brazil reported 38% growth.
• North America growth was 7% (8% in local currency), with revenues of US$1.77 billion.
• European revenues grew 8% (13% in local currency) to US$1.58 billion, with Austria, Denmark, Germany, Greece, and Poland, all reporting growth of 20% or more. Grant Thornton UK reported 13% growth.
• Middle East revenues increased 18% to US$30 million.

Significant member firm additions/member firm M&A
• Grant Thornton welcomed 12 new member firms in Kenya, Belarus, the Baltics (Latvia, Lithuania, Estonia), Haiti, Paraguay, Gabon, Ivory Coast, Senegal,Ukraine, and Togo.
• Additional member firm M&A expansion occurred in the US, China, Russia, France, Canada, Denmark, Japan, Italy, Mexico, Indonesia, Poland, Hong Kong, Portugal, Tajikistan, Colombia, UK, Australia, and New Zealand.

The New Zealand member firm has experienced similar levels of growth to the international average despite trading in a tough local environment says Pam Newlove, Co-Chair and Partner of Grant Thornton New Zealand.”

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