Bangkok--26 Dec--Grant Thornton
Thailand firm grows 27%
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.
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.
Grant Thornton Thailand grew 27%
In Thailand, despite the uncertainty around the Eurozone crisis, the ‘fiscal cliff’ in the United States and the slowdown in China weighing heavily on business sentiment, Grant Thornton Thailand grew 27%, even greater than the substantial increases experienced by Grant Thornton International.
Mr. Ian Pascoe, Managing Partner, Grant Thornton Thailand, concluded “While we are proud of this accomplishment, we believe that the true measure of our success is how well we served our clients. 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.”
In general, the outlook for Thailand remains positive. The 2013 forecasted GDP growth of around 4.6% is still very healthy where most economies are stagnant at best.
Mr. Pascoe further said, “Thailand’s geographical and economic position within ASEAN and the growing Asian region, coupled with its developed infrastructure, ensures it remains an attractive investment destination. Foreign Direct Investment is forecast to grow, which should be assisted by the reduction of the corporate tax rate to 20% from the 1st January 2013. We see continued GDP growth from 2014 thru 2017, averaging around 4.8% per year, and so Thailand continues to be a relatively bright spot in an otherwise economically grey worldwide economy.”
About Grant Thornton Thailand
Grant Thornton Thailand is well recognised by the business community as one of the leading professional service firms in Thailand since 1991. Since the Asian economic crisis, we have helped many clients successfully navigate both good and bad economic conditions. Our services include management consulting, external and internal auditing service, domestic and international tax planning, corporate finance advisory, restructuring and reorganization, merger and acquisition, orensic/investigation, risk management, finance & tax due diligence, transaction support, valuation, exit strategies, executive recruitment, succession-planning and remuneration planning. To learn more about our firm, please visit our web site www.grantthornton.co.th.
For further information, please contact:
Lakpilai Worasaphya
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