BrazilGrant Thornton global revenue growth led by Asia Pacific region
Global accounting and consulting network Grant Thornton International has booked $5.72 billion in global revenues for 2019, on the back of double-digit growth in the Asia Pacific.
Grant Thornton has reported combined global revenues of $5.72 billion for its 2019 financial year to the end of September, up by 6.4 percent in constant currency terms. The Asia Pacific was again the stand-out major geography for the global accounting and consulting firm over the past year, member firms across the region bringing in over $1 billion of the total at growth of 10.7 percent.
While India (+21.2%), Japan (+14.4%) and China (+9.9%) were cited among a handful of top performing strategic markets worldwide – those where Grant Thornton sees the highest potential for growth in the mid-market segment – the bulk of the firm’s business is however still centred around the Americas (+5.7%) and Europe (+7.9%), which combined for $4.45 billion share of the overall global haul.
“Our robust 2019 global revenues are the result of a deliberate strategy, focused on quality and culture, which delivered sustainable growth for the network,” said Global CEO Peter Bodin. “While business optimism fell around the world in 2019, our firms’ focus on quality and helping clients navigate an increasingly uncertain world has delivered another record result for our network.”
Like the Big Four and its mid-market competitors (with BDO now shooting clear ahead in fifth, Grant Thornton remains locked in a tight battle with RSM for the next slot, the latter as yet to report), Advisory was Grant Thornton’s fastest-growing service line – up by 8.6 percent to over $2 billion ahead of Tax (+5.9%) and the firm's largest traditional revenue generator, Assurance (+4.7% to ~ $2.3 billion).
“As clients continue to expand into new territories, transform the way they do business and cope with increasing regulation, we need to evolve and adapt with them,” said Bodin, who took over the global helm at the beginning of 2018. “There is also mounting pressure from consumers, investors and regulators to transform business models and build a more sustainable global economy.”
Bodin also cited the firm’s investment into its targeted growth markets as a factor in its strong overall performance; “With these markets delivering double the growth rate of the rest of the network, we expect this investment to continue to pay dividends over the long-term.” While not specifically mentioned, Grant Thornton’s Singapore member last year received ‘significant fresh investment (and a new CEO).
Still, over one quarter of the firm’s growth in 2019 – or an extra ~$90 million – has derived from mergers and acquisitions, more than in the previous three years. Altogether, the network made 34 deals worldwide, its German member’s merger with Trinavis noted as the largest and Canada the most active. The network also welcomed new members in Guatemala, Ivory Coast, Jordan, Panama and Paraguay.
