GLOBAL ANNUAL REVENUES OF GRANT THORNTON INTERNATIONAL GROWS BY 14% TO 4BLN DOLLARS
ARKA
Dec 19, 2008
YEREVAN, December 19. /ARKA/. Combined annual revenues of 93 member
companies of Grant Thornton International consulting organization
grew by 14% up to 4bln U.S. dollars by the end of September 2008 as
compared with 2007.
The organization reports that audit revenues increased by 12% to over
$2 billion and the specialist advisory services business generated
over US$1 billion for the first time, now accounting for 25% of
total revenues.
"These are excellent results for what became an increasingly difficult
year economically for listed and privately held clients. I am delighted
to see so many member firms grow their businesses both domestically
and internationally and the continuing strength of audit is evidence
that Grant Thornton member firms continue to take market share from
other accounting networks as the market and regulators demand greater
auditor choice," David McDonnell, CEO of Grant Thornton International
Ltd, said.
Whilst 50% of global revenues come from the USA and the UK member
firms, this percentage continues to decrease year on year as other
member firms expand. 12 member firms, including Brazil, Hong Kong/China
and Japan are now $50 million businesses. Following the roll-out of
a new global brand in 2008, 99% of member firms now use the Grant
Thornton corporate identity throughout the world.
In the Americas, the U.S. me mber firm grew somewhat slower than
the previous year in a challenging climate and during the year led
the Public Accounting Report audit rankings, the first time a firm
outside the Big four has been ranked top.
McDonnell also said that in 2008 the organization made major
investments in development of common audit software and methodology
for all member firms, a situation the company’s nearest competitors
have yet to match
"This is now paying dividends as we pitch for more cross-border
audits for global clients. We may not have the market share of the
four major accounting networks but we find ourselves constantly
competing with them.
What we also find is that increasing numbers of mid-sized companies –
both listed and privately held – believe we are a more appropriate
fit for their business as we provide a more personalised service and
better value for money," McDonnell said.
"We’re a business like any other. We are not immune to the current
conditions and will have to manage our businesses with care over
the next 12 months. But we won’t turn our back on opportunities to
develop our global business through merger or acquisition in order
to maintain our position as one of the leading players in the global
accounting profession," he said.
Grant Thornton International is one of the world’s leading
organizations of independently owned and managed accounting and
consulting firms.
Gra nt Thornton International does not deliver services in its
own name. Each member and correspondent firm in 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. Yet, Grant
Thornton International member firms share a commitment to providing
the same high quality service to their clients wherever they choose
to do business.