Grant Thornton remains resilient through continued economic downturn

Leading business and financial adviser Grant Thornton UK LLP's pre-tax profits remained strong at £75.2m based on revenues of £377.0m for the financial year ended 30 June 2011.   Grant Thornton CEO, Scott Barnes said that the firm's strategy remains focused on dynamic large private and smaller listed companies although there may be opportunities in the large listed market if European Commission proposals on audit market reform become law.   Despite the difficult economic conditions, revenues were just £2.7m (0.7%) below last year's results with the reduction in public sector advisory work largely responsible. Average profit per partner increased to £342,000.   Over the year, Assurance revenues grew 2.8% to £122.3m while Taxation Services contracted 1.4% to £91.7m. Overall revenues within the Advisory practice were £150.0m, with 17.7% growth in Forensic and Investigation Services to £17.7m and 1.9% growth in Recovery and Reorganisation to £97.1m. Corporate Finance revenue dropped £5.7m to £35.2m due to reduced activity within the firm's Government, Infrastructure and Advisory business following government spending cuts.