Accounting Firms

Grant Thornton UK sees profits rise 37% to £116m

Grant Thornton’s deals and business consulting team saw an 40% rise in revenues, owing to ‘exceptionally buoyant’ demand for M&A advisory services in 2021

Grant Thornton UK has revealed the firm saw net revenue growth of 15% to £543m and profits before tax increase 37% to £116m in FY21.

It said whilst disruptions caused by the global Covid-19 pandemic continued as a “dominant theme” in 2021, the firm’s “successful implementation” of hybrid working saw it continue to provide “seamless quality of service” to its clients.

Throughout the year, the firm said it continued to invest in talent and increased its total number of people by 12% to just over 5,100, including a record intake of trainees. It also added over 30 people to the partnership.

Whilst the firm experienced an increase in revenues and profits across all of its service lines, affording it the ability to invest a 15% of trading profits in annual bonuses for its people, Grant Thornton’s deals and business consulting team saw an 40% rise in revenues, owing to “exceptionally buoyant” demand for M&A advisory services in 2021.

Grant Thornton also said it continued its investment in quality across the firm, particularly in audit where it has strengthened its offering over recent years and its “significant improvement” was recognised by one of our regulators, the Financial Reporting Council (FRC), in its annual review of audit quality.

Following the introduction of its Audit Investment Plan in 2019, the firm added it has continued to invest in people, technologies and processes which place quality at the heart of its operations.

It also revealed in a separate internal survey across all parts of the business, the firm’s employees reported feeling better supported in delivering high quality work through team encouragement, recognition and training and development than had been the case in previous years, along with a “significant uplift” in feelings of pride, with 90% of people saying they feel “proud to work for Grant Thornton” – (a 7% year-on-year increase).

Dave Dunckley, GT UK CEO, said: “2021 was an outstanding year for the firm and our success is down to the commitment and dedication of our people, who have once again risen to the challenges of operating throughout the pandemic to deliver exceptionally strong results for our clients.

“From supporting our people through the second year of a global pandemic, to navigating how we work in a truly hybrid way, to delivering work of the highest quality for our clients and achieving such strong financial results, our people have collectively pushed boundaries and gone beyond expectations.”

He added: “We know that some of the exceptional market conditions and elements which drove our overall performance in 2021 are unlikely to be recurring in future years; however I am confident that the foundations of the firm, focused on our quality, talent and value, will continue to see us performing strongly and sustainably into the future.”

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