Grant Thornton revenue and profits increase in FY24

Grant Thornton has seen its net revenue grow 11% to £724m as well as an operating profit growth of 0.4% to £147m during the 12 months to 31 December 2024.

In the results, the firm also announced the completion of its landmark transaction with international private equity firm Cinven, having now gained regulatory approvals. The arrangement, first announced in November, sees Grant Thornton become the largest UK professional services firm to take external equity investment and allows it to significantly upscale its investments in talent and technology over the coming years.   

Whilst the firm continued to grow sustainably across all its service lines, profitability at the firm was largely offset by transaction costs expensed in respect of professional fees relating to the equity investment from Cinven, along with continued investment in its people and operations throughout 2024. 

As part of its ongoing commitment to rewarding its employees, the firm invested £39m in an exceptional bonus in recent weeks to thank employees for their contributions to the firm’s financial, quality and cultural success.

Following the successful completion of its transaction with Cinven, the firm also plans to introduce an Employee Benefit Trust for many of its people below partner grade, which will make Grant Thornton the only large firm in the UK to offer equity units to employees.

Throughout the year, the firm continued to invest in its people and partnership. It welcomed around 1,000 new joiners in 2024 and promoted over 650 of its people in various roles. The partnership also grew from 230 partners in 2023 to 250 at the end of 2024, with three quarters (77%) of partner appointments being internal promotions, reflecting the firm’s commitment to nurture talent across its pipeline. Average profit per partner in 2024 rose by 6% to £682,000. 

Malcolm Gomersall, CEO of Grant Thornton UK LLP, said: “2024 was another remarkable year for our firm. Financially, we have built on our track record over the past four years and consistently grown in a sustainable manner. Culturally, we’ve continued to invest in our culture of everyday inclusion and our relentless focus on quality. Operationally, we have expanded our partnership and people base and adopted new technologies to better service our clients. 

“The momentum we’ve generated over the past few years positions us strongly for 2025 and beyond as we open a new chapter in our firm’s history with our partnership with Cinven. Our partners’ unanimous decision to make our partnership model fit for the future through external equity investment from Cinven shows how excited we are for the evolution of the business model and is testament to the alignment of partners and our people in their commitment to deliver growth in both the short and long term.”   

Maxim Crewe, partner and head of Cinven’s financial services sector team, added: “Cinven is delighted to be making this investment in Grant Thornton, one of the UK’s leading accounting and advisory services firms. We have been hugely impressed by the strength of the business, calibre of its Partner group and its unwavering commitment to delivering client excellence with high audit standards. 

“Cinven has extensive experience of successfully investing in professional services, and we see significant opportunity to support the business in meeting the growing needs of clients, including through investing in technology-enablement, attracting and developing top industry talent and supporting the development of the Grant Thornton International Network. We’re excited to be working with Grant Thornton’s industry-leading CEO, Malcolm, and the Partnership as we support Grant Thornton through its next phase of growth.”  

The firm also continued to evolve its client base throughout 2024, both domestically and internationally, as now nearly half (45%) of its UK clients maintain international operations. The firm’s strategic relationships with Grant Thornton member firms continue to support clients through important trade corridors.  

Gomersall said: “Whilst I’m very proud of the commercial growth of our firm, creating an inclusive environment to deliver this growth sits at the heart of our business strategy and we continue to focus on investing in policies and programmes that reinforce our culture of everyday inclusion.”