Grant Thornton International Ltd. saw its global revenues climb globally this past year to a new record, reaching $4.5 billion, driven by 8.1 percent growth in U.S. dollars (or 8.9 percent in local currency terms) for the year ended Sept. 30, 2013.
Grant Thornton led the six largest global accounting organizations in reported revenue growth rate in 2012, and now again in 2013.
The London-based firm also grew its global workforce by 7.6 percent in the past year to 38,543 people in 134 countries.
The biggest growth came in advisory services, which increased 20.2 percent to US$1.3 billion. Outsourcing services grew 18.8 percent to US$258 million. Assurance services grew more modestly by 3.3 percent to US$1.96 billion, while tax services grew 1.8 percent to US$925 million.
The firm grew its revenues mainly in Africa, the Middle East, Latin America and Europe, with Africa leading the way in terms of the percentage, if not the dollar amount. Revenues in Africa grew 23.6 percent to US$99 million, while Middle East revenues increased 19.9 percent to US$37 million. Revenues in Latin America grew 16.1 percent to US$169 million, while revenues in Europe grew 12.4 percent to US$1.78 billion, driven in part by proposed reforms in the European Union that would spur more competition in the auditing market.
"The European reform is starting to have an impact as companies are thinking about different providers, such as by separating tax advice from auditing,” Grant Thornton International global CEO Ed Nusbaum told
Revenues grew more modestly in North America, increasing 5.9 percent to US$1.87 billion.
However, in the Asia Pacific region, revenues fell 2.1 percent to US$567 million.
“While we are pleased to report strong growth results, our focus as a global organization remains unchanged in first providing high quality services to our clients and helping them unlock their potential for growth,” Nusbaum said in a statement.
Grant Thornton International added eight new member firms in Bangladesh, Dominican Republic, Eastern Caribbean, Ethiopia, Kyrgystan, Libya, Nigeria and Tunisia in the past year.
Thirty additional member firm M&A expansions occurred in South Africa, Canada, China, Hong Kong, Indonesia, Italy, Luxembourg, Netherlands, Norway, Paraguay, Senegal, Taiwan, U.S., and the U.K.
The firm also won a number of awards in the past year. Grant Thornton Canada was named for the sixth consecutive year as a Great Place to Work. Grant Thornton US was named to Crain’s Business Best Places to Work, Vault.com’s “Accounting 50,” and Working Mother’s Best Companies. Grant Thornton UK was named Best Provider of Internships and Placements by the Rate My Placement Awards, and Global Firm of the Year at the British Accountancy Awards.
A survey of more than 200,000 business and engineering students from 12 of the world’s largest economies named Grant Thornton one of the top 50 most attractive global employers, placing 35th. The survey was conducted as part of the Universum Annual Student Survey. In placing in the top 50, Grant Thornton was “distinguished as an ideal employer in the professional services sector.”
