Partner Article

Grant Thornton reports 40% growth in pre-tax profits

A NORTH EAST business and financial adviser saw its pre-tax profits grow by 40.2% to £77.6 million in the financial year that ended 30 June 2010.

Grant Thornton - which has offices throughout the UK - yesterday said improvement in the firm’s performance in the latest financial year was the result of its merger with Robson Rhodes and the “decisive action” taken at the beginning of the recession.

Jonathan Riley, managing partner of Grant Thornton’s Newcastle base, said: “With our profits returning to an upward trend and a healthier level, we have attained the financial strength to enable us to focus on the firm’s longer-term future and growth strategy.

“All the indicators suggest the coming 12 months will be difficult for the economy, businesses and the professional services firms that serve them.

“But in the medium term, as the recovery takes hold, we will be looking at specialist firms and teams that will boost our advisory services and assurance division.”

Advisory revenue is said to have grown by 11.1% to £151.2m but Assurance revenue was down by 6.2% to £135.5m and Tax by 4.8% to £93.0m.

This was posted in Bdaily's Members' News section by Ruth Mitchell .