Grant Thornton LLP Announces Record Net Revenue
Grant Thornton LLP Announces Record Net Revenue
CHICAGO--(BUSINESS WIRE)-- Grant Thornton LLP, the U.S. member firm of Grant Thornton International Limited, announced record revenue for its recently concluded fiscal year. In the firm's 2012 fiscal year, which concluded on July 31, Grant Thornton generated $1.212 billion in revenue, up 9.3 percent year-over-year.
The firm's revenue growth was driven equally through mergers and acquisitions as well as organic means. During the 2012 fiscal year, Grant Thornton acquired CCR LLP, a full-service accounting and advisory firm based in New England, and Computer Technology Associates' Health Services division.
Strong growth was evident across each of the firm's service lines. Grant Thornton's Audit practice grew 5.4 percent, driving more than half a billion dollars in revenue for the first time in the firm's history. The firm's Tax practice grew at a rate of 12.5 percent, while the Advisory business was up 14.5 percent year-over-year.
"Grant Thornton's strategy is taking hold. The firm's focus on dynamic organizations — largely mid-sized firms raising capital and looking to grow into new markets — has allowed us to create momentum with a client set that increasingly demands not only the highest quality service, but services tailored to the specific needs of their business," said Stephen Chipman, chief executive officer of Grant Thornton LLP. "Our business model, in particular our industry program, allowed us to not only weather an uncertain economic environment but to thrive."
Each of the firm's core industry programs grew year-to-year, highlighted by strong double-digit growth in financial services, not-for-profit, health care, energy and professional services.
Looking ahead, Grant Thornton will open its first shared services center in Bangalore, India, in January, creating new operational scale for the firm. Initially, the new center will support tax compliance work. According to Chipman, "As part of a cohesive global organization of member firms with 33,0000 people in more than 100 countries, all sharing a common market and brand focus, Grant Thornton is increasingly distinct in our ability to serve clients that are growing their international operations.
"We are poised for continued growth, which will allow us to continue to serve our dynamic clients' evolving needs through talented professionals who provide quality service and an exceptional client experience."
About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity. In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.
Grant Thornton LLP
Michele Mazur, 312.602.8485
michele.mazur@us.gt.com
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