Leading business and financial adviser Grant Thornton UK LLP has recorded its fifth successive year of strong results. Revenue was up 9% to £512m for the financial year ended 30 June 2014 hitting our Ambition 2015's turnover target one year early.
The predominantly organic growth comes on the back of double digit performance in the previous two years and contributes strongly to the Grant Thornton global organisation being the fastest growing international accountancy network.
In the UK, growth was driven in large part by continued strengthening of the Advisory practice, which grew 15%. The firm also saw its Audit practice improve by 4% whilst turnover from its Tax offering remained broadly flat year on year.
Profits were up 7.7% in absolute terms and on a “like for like” basis, average pre-tax profit per partner was up by 15% to £402k. Distributable profit per partner was up by 10% to £385k after accounting for the changes to the taxation of employee service companies which occurred mid-way through the year. The firm's total contribution to the Exchequer in respect of all taxes was £169.4m, with an average rate of tax paid per partner estimated at 42.5%.
Throughout the year Grant Thornton has continued with its commitment to talent attraction and diversification by playing a key role in the launch of Access Accountancy, an industry wide social mobility programme providing school children with a tangible experience of the profession. In addition, following the launch of its medium sized business manifesto in March, work with government has continued around support for apprenticeships.
Overall, 42 new partners and directors were appointed, 276 new trainees (both graduates and school leavers) and 116 paid interns.
Scott Barnes, CEO, Grant Thornton UK LLP commented: "I'm delighted to again report strong revenue and profit growth for the firm, breaking the half a billion barrier a year earlier than outlined in our Ambition 2015, which is a clear testament to the hard work of all our people. Our ambition isn't only about revenue though, and this is not a time to stand still, with plenty still to do.
"Back in the Spring we launched our Agents of Growth research and our manifesto on behalf of mid-sized businesses with Government which we believe, if implemented, will help boost the UK's MSBs growth significantly. Over the course of the year MPs and Ministers have started to sit up and take notice, and we are delighted to be participating in on-going policy discussions in regards to this often overlooked, but core segment of the economy.
"We have also continued to make inroads in public sector audit, growing our presence and earlier in the year made a targeted investment with the acquisition of data analytics business, Local Futures Group.
"Our corporate finance team has once again been recognised in the market for doing more mid-market deals than any other adviser, working with clients to help them unlock their potential both in the UK and overseas, with a significant number of these deals taking place on an international platform.
"The economy is picking up, but the market continues to be competitive and challenges remain. As a firm we are looking ahead with optimism, as we remain client focused, striving constantly to improve efficiency and quality in all areas of our work. We are planning for the medium and longer term to ensure we maintain our position as a stand out brand within the marketplace for long-term sustainable growth."