Global annual revenues of Grant Thornton international grows by 14% to 4bln dollars
19.12.2008,
20:37
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.
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. member 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.
Grant 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. –0--
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. member 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.
Grant 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. –0--
