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12/01/2011 Grant Thornton announces US$3.7 billion global revenues

29 Mar, 2010

12 January 2011
Grant Thornton International, the global accounting organisation, has announced combined global revenues of US$3.7 billion from its 96 member firms - a healthy 2.3% increase - for the year ended 30 September 2010.

Assurance services achieved 3% growth and, at US$1.7 billion, continue to account for around 46% of global revenues. Tax revenues returned to good growth showing a 7% increase on last year to US$816 million. Advisory services, despite the continuing sluggish transaction market, also grew by 1% generating US$890 million and almost 25% of global revenues.

Ed Nusbaum, CEO of Grant Thornton International, explains, "Despite the slow global economy, I am delighted that Grant Thornton has not only held its revenues but grown all three service lines, in some countries by significant margins. We knew 2010 would be another challenging year but we continued to invest in our global network through mergers and acquisitions and implemented new global processes and approaches that benefit all our member firms.

"We acquired nine new member firms during 2010 in locations of particular strategic importance to the future of our business, with others, including firms from competitor organisations, in the pipeline. A combination of new appointments and start ups in Albania, Croatia, Romania and Serbia continues the development of our capabilities in Central and Eastern Europe and new firms in Azerbaijan and Georgia give us exciting new capability (alongside our existing firm in Armenia) in a region which acts as a crossroads between Eastern Europe and Western Asia. Following significant merger and reorganisation activity in Austria and Germany we now have a strong foundation for future European growth.

"Elsewhere in the world, Grant Thornton International investment in India and significant acquisitions and mergers in Argentina, Canada and the US have also helped to build the critical mass we need to compete at the highest levels within the global marketplace. We will continue to build our presence in Central Asia, with the addition of Tajikistan in 2010 and Kazakhstan and Uzbekistan in early 2011. Last but not least, in Africa we successfully completed a major merger in Cape Town, a start up in Guinea and appointed a substantial and well-respected new member firm in Zimbabwe."

Europe, Middle East and Africa revenues enjoyed growth of 4% from 2010, in part owing to good performances from France (5.2% growth) and Sweden (8.6%). The Asia Pacific region also grew by 3%, helped by excellent revenue growth in Australia of almost 15% and a 17% increase in China. Revenues in the US were 5.3% down on last year but 14% growth in Canada helped the Americas region overall to grow by almost 1%.

The Grant Thornton International transparency report 2011, containing details about audit quality control processes, our risk management approach and a more detailed analysis of member firm revenues, will be available shortly.

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