Turnover increased by 5,1% to USD 5,72 billion. This robust global revenue increase is the result of a deliberate strategy, focused on quality and culture, and resulted in sustainable growth for the network. Although business optimism declined globally in 2019, the focus of Grant Thornton, which navigates its clients through an increasingly uncertain world, once again produced record results for the network.
The number of employees increased by 6,3%. Grant Thornton now has 56.028 employees in more than 140 countries.
All service lines experienced solid growth, with a particularly strong result of Advisory (+8,6%), representing 36,1% of revenues. The result of Tax Services also increased by 5,9% and now represents 21,8% of revenues. Audit & Assurance continues to lead the way with 39,4% of revenues, a further increase by 4,7%.
America remains the network’s largest market, with a turnover of USD 2,6 billion (+5.7%), followed by Europe with USD 1,9 billion (+7,9%).
Particularly strong growth came from the Middle East (+32,1%) and Asia-Pacific (+10,7%).
These results are triggered by investments in 13 strategic growth markets. The companies in these countries grew by 12,8% - double the global growth rate - and now represent USD 1 billion of total global turnover. Growth in these markets was led by Brazil (+26,3%), Germany (+24,3%), India (+21,2%), Japan (+14,4%) and China (+9,9%).
Mergers and acquisitions also played an important role: no less than 25.8% of the growth (USD 90,42 million) in 2019 was a result of mergers and acquisitions, which is more than the previous three years. In total, there were 34 transactions, with the merger of the German firm with Trinavis being the largest in value.
The network also welcomed five new member firms: Guatemala, Ivory Coast, Jordan, Panama and Paraguay.
Peter Bodin, CEO Grant Thornton International Ltd, is satisfied: “Our investment in strategic growth markets is paying off. Our clients continue to expand into new areas, and the way they do business is constantly changing. It is important to evolve with them. It is also our job to guide them through the increasing pressure from consumers, investors and regulators to transform business models in order to build a more sustainable global economy”.
Ria Verheyen, IBC Partner Grant Thornton Belgium, concludes: “In Belgium, we also experienced growth of 8,5%. We want to continue these strong growth figures in the coming years. By continuously investing in the training and personal coaching of our people, we ensure an extremely pleasant working environment. Thanks to our personal approach, high partner commitment to client assignments and pragmatic advice tailored to the client, we guarantee the continuity and growth of our services. The increased risks faced by our clients, rapidly evolving regulations and changing market conditions require accurate guidance. The strong results of the network motivate us to continue to build a sustainable ‘next generation’ service organisation that will arm clients and employees against the challenges of tomorrow.”
Press Release
Strong financial results for Grant Thornton once again
15 Jan 2019
Antwerp – Today, full-service business advisor Grant Thornton publishes the worldwide financial results for the financial year ended 30 September 2019.
Turnover increased by 5,1% to USD 5,72 billion. This robust global revenue increase is the result of a deliberate strategy, focused on quality and culture, and resulted in sustainable growth for the network. Although business optimism declined globally in 2019, the focus of Grant Thornton, which navigates its clients through an increasingly uncertain world, once again produced record results for the network.
Some figures
The number of employees increased by 6,3%. Grant Thornton now has 56.028 employees in more than 140 countries.
All service lines experienced solid growth, with a particularly strong result of Advisory (+8,6%), representing 36,1% of revenues. The result of Tax Services also increased by 5,9% and now represents 21,8% of revenues. Audit & Assurance continues to lead the way with 39,4% of revenues, a further increase by 4,7%.
America remains the network’s largest market, with a turnover of USD 2,6 billion (+5.7%), followed by Europe with USD 1,9 billion (+7,9%).
Particularly strong growth came from the Middle East (+32,1%) and Asia-Pacific (+10,7%).
These results are triggered by investments in 13 strategic growth markets. The companies in these countries grew by 12,8% - double the global growth rate - and now represent USD 1 billion of total global turnover. Growth in these markets was led by Brazil (+26,3%), Germany (+24,3%), India (+21,2%), Japan (+14,4%) and China (+9,9%).
Mergers and acquisitions also played an important role: no less than 25.8% of the growth (USD 90,42 million) in 2019 was a result of mergers and acquisitions, which is more than the previous three years. In total, there were 34 transactions, with the merger of the German firm with Trinavis being the largest in value.
The network also welcomed five new member firms: Guatemala, Ivory Coast, Jordan, Panama and Paraguay.
Great results
Peter Bodin, CEO Grant Thornton International Ltd, is satisfied: “Our investment in strategic growth markets is paying off. Our clients continue to expand into new areas, and the way they do business is constantly changing. It is important to evolve with them. It is also our job to guide them through the increasing pressure from consumers, investors and regulators to transform business models in order to build a more sustainable global economy”.
Grant Thornton Belgium
Ria Verheyen, IBC Partner Grant Thornton Belgium, concludes: “In Belgium, we also experienced growth of 8,5%. We want to continue these strong growth figures in the coming years. By continuously investing in the training and personal coaching of our people, we ensure an extremely pleasant working environment. Thanks to our personal approach, high partner commitment to client assignments and pragmatic advice tailored to the client, we guarantee the continuity and growth of our services. The increased risks faced by our clients, rapidly evolving regulations and changing market conditions require accurate guidance. The strong results of the network motivate us to continue to build a sustainable ‘next generation’ service organisation that will arm clients and employees against the challenges of tomorrow.”