The Grant Thornton global network of accounting firms pulled in a record $8 billion in revenue during its most recent financial year that ended Sept. 30, 2024, a 6.6% increase in U.S. dollars and 8.8% in adjusted constant currency terms over its 2023 revenue of $7.5 billion.
The network reported double-digit growth in assurance (up 11.9% to $3.5 billion), followed by tax (up 8.9% to $1.6 billion) and advisory (up 5% to $2.8 billion). Regional performance was also strong, led by Africa (up 15%), followed by Europe and the Middle East (up 11.6%) and Asia Pacific and the Americas (each up 7%).
Overall, 102 of Grant Thornton member firms reported growth in revenue last year, with almost 63% reporting double-digit growth, the firm said in a Dec. 11 media release. Grant Thornton US hasn’t publicly released its FY 2024 revenue results as of yet. The U.S. arm posted $2.4 billion in revenue in 2023. According to the media release, the network’s Americas region generated $3.6 billion in revenue in 2024.
“These results highlight the value we continue to deliver for our people and our clients in what has been a year of significant change for the industry and our network,” Grant Thornton International CEO Peter Bodin said in a statement. “The network has continued to deliver excellent sustainable growth. We have achieved that by building a cohesive network with a clear focus on mid-market businesses and an ambition to grow our international business. The success of our network strategy is built on our unique culture, our commitment to quality, and a trusted brand.”
Grant Thornton was bitten by the private equity bug in 2024. Its U.S. member firm sold a significant stake to private equity group New Mountain Capital in a deal that closed at the end of last May. Then last month, Grant Thornton US finalized the acquisition of its sister firm in Ireland, a transaction that was funded by New Mountain Capital.
In addition, Grant Thornton UK sold a majority stake to private equity firm Cinven in November, which marked the most significant outside investment in a UK-based accounting firm to date. The London-based Grant Thornton member firm opted for Cinven’s offer after considering competing bids from Swedish private equity group EQT and a potential merger opportunity with Grant Thornton US.
“External investors are now discovering the true value of our network—something our clients and people have recognized for many years,” Bodin said. “While we already accommodate different ownership models within member firms, external investors will bring a new dynamic to the network—one that we are preparing to embrace. As we continue to adapt to change and help our clients navigate an uncertain international outlook, these results show there is every reason for Grant Thornton to be excited about the future.”
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Tags: Accounting, Firm Management
