Grant Thornton UK revenues up 12% in 2022 

Grant Thornton UK has seen revenues grow by 12% to £610m in FY22, alongside a 5% rise in pre-tax profit to £121m, maintaining momentum that has been building from previous years, according to its latest annual report. 

The challenger firm said this followed an already “exceptional” year in 2021, which saw net revenue growth of 15% and profit growth of 37%, largely driven by “unprecedented” market conditions that boosted demand for consulting services and transaction advice. 

In 2022, the firm saw “steadier and more sustainable demand” across all its service lines, with more modest profitability growth tempered by inflationary pressures and a return to more normalised operating costs, which had fallen in previous years due to the pandemic.

Its latest report revealed the firm continued investing in talent and expanding its partnership over the year, including welcoming a record number of trainees and school leavers, and increasing its total number of partners by 12% to 212. 

The firm also gave staff an overall 8% increase in salaries throughout the year, alongside other non-financial benefits. Consequently, the average profit before tax per partner was 5% lower in 2022, at £579,000, but the firm said this reflected its ongoing growth investment. 

Throughout 2022, the firm also saw positive results stemming from earlier investment in the quality of its services. Its “significant” progress in audit quality was reflected in another year of strong results in the regulator’s annual review, which this year saw the firm achieve 100% top scores across its audit files reviewed. 

Similarly, independent market research with UK buyers of professional services identified Grant Thornton as leading the sector in value for money and as the most recommended firm amongst its peers. 

Dave Dunckley, CEO, said: “Our firm enjoyed a strong year in 2022, which follows on from an exceptional year in 2021, and our partnership recognises that, behind this success, is an incredibly talented team. We’re pleased that the investments we continue to make in creating the very best environment for our people to grow are translating into the delivery of high-quality work and sustainable success for our firm.

“I’m exceptionally proud of the outstanding work that our people do. We will continue to go beyond for our clients and each other, and I’m convinced that this year we’ll build on the momentum we’ve created, surpassing expectations, delivering high quality and creating an even better experience for those who work with us, and for us.” 

He added: “Our strategy remains simple: to create the very best environment for our people to grow. We’ve laid strong foundations for growth over recent years and achieved transformational change across our operations, despite the disruptions of a global pandemic and ongoing political and economic uncertainty throughout that time. 

“By utilising this momentum, alongside the strength of the Grant Thornton International network, we’re confidently looking forward to 2023 and beyond.”