Bangkok--17 Dec--Grant Thornton International
Grant Thornton International, the global accounting organisation, has announced combined revenues of US$4 billion from its 93 member firms to 30 September 2008, a 14% increase on 2007. Audit revenues increased by 12% to over US$2 billion and the specialist advisory services business generated over US$1 billion for the first time, now accounting for 25% of total revenues.
David McDonnell, CEO of Grant Thornton International, explained, "These are excellent results for what became an increasingly difficult year economically for both listed and privately-owned clients. I am delighted to see so many member firms grow their businesses both domestically and internationally and the continuing strength of audit is evidence that Grant Thornton member firms continue to take market share from other accounting networks as the market and regulators demand greater auditor choice."
While 50% of global revenues come from the US and UK member firms, this percentage continues to decrease year on year as other member firms expand; 12 member firms, including Brazil, Hong Kong/China and Japan are now US$50+ million businesses. Following the roll-out of a new global brand in 2008, 99% of member firms now use the Grant Thornton corporate identity throughout the world.
Grant Thornton Australia grew its revenues by 85% this year following major restructuring and merger activity and, together with excellent results from a number of other Asia Pacific member firms*, this region now contributes 10% of Grant Thornton International global revenues. David McDonnell added, "We are focused on helping to build a robust presence in critical markets such as China where we are collaborating with our US and Hong Kong member firms to support the development of an independent, national Chinese firm."
In the Americas, the US member firm grew somewhat slower than the previous year in a challenging climate. Elsewhere, the Latin America region maintained buoyant growth of 32% with Brazil (68% growth for the second year running) and Mexico (30%) particularly successful. The Brazil member firm is now the local IPO market leader.
Within Europe, many of the larger member firms returned very good results, despite the economic downturn. Sweden achieved revenues of US$ 140 million and 32% growth, and Spain, France, Portugal, the Netherlands and Denmark each grew by over 20%.
In 2008, Grant Thornton International appointed new member firms in Poland, Tunisia and Yemen. "Each of the new firms demonstrates our global strategy of building the organisation in areas that are important for our business." explained McDonnell.
David McDonnell added, “We continued to invest heavily this year in our common audit software and methodology for all member firms, a situation our nearest competitors have yet to match, and this is now paying dividends as we pitch for more cross-border audits for global clients”.
In Thailand, despite the global economic downturn and the political stability issues, Grant Thornton’s audit practice grew approximately 20%, even greater than the substantial increases experienced by Grant Thornton International. In addition, the firm as a whole consolidated its significant growth over the last 3 years to become one of the leading International Business Consulting firms in Thailand.
Mr Ian Pascoe, the Managing Partner of Grant Thornton in Thailand, concluded by saying that, “At Grant Thornton we are strongly committed to our business in Thailand. We have been in Thailand since 1991 and helped many organizations weather the Asian Crisis of the late 90s. With our strengthened specialist advisory teams, we are now even better positioned to help clients manage the current economic crisis.”
For further information please contact:
Khun Lakpilai Worasaphya
Senior Manager, Marketing and Communications Grant Thornton
T: 02 205 8222
E: [email protected]
or
Christine Hobart
International communications manager
T +44 20 7391 9548
E [email protected]