Accounting Firms

Grant Thornton sees pre-tax profits increase to £85m

Looking forward to 2022, the group expects the backdrop of the pandemic to continue into 2022

Grant Thornton has revealed that its pre-tax profits increased to £84.7m for the 12 month period ending 31 December 2020, up from £72m the previous year.

However, the firm’s revenue dropped slightly by 2.5% to £471m from £483m in the 12 months prior which was attributed to the challenges of Covid-19 and physical store closures.

Looking forward to 2022, the group said it expects the backdrop of the pandemic to continue into 2022. The uncertainties have reportedly been considered in the company’s forecasts and through a range of downside scenarios to better prepare for the upcoming year.

However, the firm said its “strong performance” has enabled it to honour its commitment to repay those individuals in full for any missed salary at the end of 2020. Continuing its commitment to its people in 2021.

The firm also revealed it has recently given all its 4,500 members of staff two ‘wellbeing days’ and invested in a wellbeing programme and awarded all employees a minimum of £750 in bonuses for their 2020 contributions, along with other benefits introduced to ease pressure on staff during the pandemic.

Dave Dunckley, CEO of Grant Thornton UK, said: “Our principal focus in 2020 has been to support our people by providing a safe environment for them to serve our clients and support one another, friends and families.

“This has enabled us to deliver the highest possible level of client service across the firm, which in turn has delivered a solid set of results for our business, the benefits of which we have shared with our people.”

He added: “We started 2020 with strong foundations and despite the pandemic we entered 2021 in an even stronger position. We are confident that the momentum we’ve generated over recent years will continue to take us from strength to strength in the future.”

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