Grant Thornton announces $3.6 billion global revenues
Grant Thornton International, the global accounting organisation, has announced combined global revenues of $3.6 billion from its 96 member firms - steady for the year ended 30 September 2009 measured at constant exchange rates but a decline of 9% from 2008 when adjusted for exchange rate fluctuations against the US dollar.
Assurance services achieved 5% growth measured at constant exchange rates but was down 4% at $1.6 billion in US dollars against 2008. It accounts for around 46% of global dollar revenues. Tax revenues remained steady at constant exchange rates but were down 9% to $763 million taking into account US$ exchange fluctuations. The specialist advisory services business, despite the drop in transaction related work, continued to contribute 25% of global dollar revenues, generating $884 million.
Ed Nusbaum, who took over as CEO of Grant Thornton International at the start of 2010, explained, "Grant Thornton, like all businesses, saw its revenue hindered by a difficult global economy in 2009, However, I am encouraged by these results. We knew the last 12 months would be challenging and many member firms had to make tough decisions to cut costs and refocus their businesses. The response from the 30,000 Grant Thornton people has been magnificent. To hold our global revenues at constant exchange rates in the face of such harsh economic conditions suggests that our strategy of continuing to build a robust presence in key markets through merger and acquisition, and of investing in our people and in technology is paying dividends. Our combined dollar revenues are understandably down but our member firms operate their businesses, and measure their success, in local currencies. We are expecting 2010 to be another challenging year but collectively we will continue to invest, develop and implement global processes and approaches that benefit all our member firms - at the same time as giving us the critical mass we need to compete more and more effectively in the global marketplace."
Xu Hua, chairman of the new Grant Thornton firm explains, "We are very pleased to have this opportunity to join one of the world's leading accounting organisations. Our commitment to providing world class assurance, tax and specialist advisory services and corporate services has earned us a reputation for service excellence. Joining Grant Thornton International will help us to stay at the forefront of our profession, allowing us to combine our local knowledge and professional expertise with global capabilities and world class resources."
For the first time since its formation 30 years ago, more than half of Grant Thornton global revenues were generated by member firms outside of the US and UK with the China/Hong Kong member firms now amongst the 10 largest in the organisation.
Latin America and the Caribbean experienced growth of 13% when measured at constant exchange rates, with 14 of the 19 member firms in the region recording increased revenues. Europe, Middle East & Africa revenues held steady at constant exchange rates, thanks in part to good performances from Greece (11%), Poland (12%) and Belgium (19%), although several member firms in Europe suffered a dip in revenues as a result of the tough economic climate.
Revenues in the US were marginally down on last year (by 3%) but six of the top 10 countries in the organisation (Canada, France, Germany, Japan, Netherlands and Sweden) enjoyed growth of up to 5% in local currencies.
Asia Pacific revenues were also up (by 14%) at constant exchange rates, helped by a 23% increase in revenues by the India member firm.
During the year, Grant Thornton appointed new member firms in Bolivia, China and Mozambique. Ed Nusbaum added, "Mainland China presents a huge market opportunity for us and we were delighted to welcome such a significant firm as Jingdu Tianhua. Continuing investment in China will remain an important element of our global strategy."
The Grant Thornton International transparency report 2010, containing details about audit quality control processes, our risk management approach and a more detailed analysis of member firm revenues, will be available shortly.
Global combined revenues for year ending 30 September 2009
* Variance using constant exchange rates refers to % changes before exchange rate fluctuations in US dollar terms
For further information please contact:
Christine Hobart
International communications manager
Grant Thornton International
T: +44 (0)207 391 9548
M: +44 (0) 79 0005 2240
E: christine.hobart@gtuk.com
About Grant Thornton International
Grant Thornton International is one of the world's leading organisations of independently owned and managed accounting and consulting firms. The strength of each local firm is reflected in the quality of our organisation. All Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.
Grant Thornton International does not deliver services in its own name. Each member and correspondent firm of Grant Thornton International is a separate independent national firm. These firms are not members of one international partnership or otherwise legal partners with each other, nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis.
All references to Grant Thornton International are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.
