Grant Thornton LLP said it achieved a record amount of revenue for fiscal year 2012, generating $1.212 billion in revenue for the fiscal year ended July 31, a 9.3 percent increase from the prior fiscal year.
Like what you see? Click here to sign up for Accounting Today's daily newsletter to get the latest news and behind the scenes commentary you won't find anywhere else.
The firm’s revenue growth came from mergers and acquisitions, as well as organic growth. In the past fiscal year, GT acquired the accounting and advisory firm CCR LLP, expanding its presence in New England, along with Computer Technology Associates’ Health Services division.
The Chicago-based firm saw strong growth across each of its service lines. GT’s audit practice grew 5.4 percent, driving more than half a billion dollars in revenue for the first time in Grant Thornton’s history. The firm’s tax practice grew at a rate of 12.5 percent, while its advisory practice increased 14.5 percent over the past fiscal year.
“Grant Thornton’s strategy is taking hold,” said CEO Stephen Chipman in a statement. “The firm’s focus on dynamic organizations—largely midsized firms raising capital and looking to grow into new markets—has allowed us to create momentum with a client set that increasingly demands not only the highest quality service, but services tailored to the specific needs of their business. Our business model, in particular our industry program, allowed us to not only weather an uncertain economic environment but to thrive.”
Each of the firm’s core industry programs grew year over year, with especially strong double-digit growth in financial services, not-for-profit, health care, energy and professional services.
Looking ahead, Grant Thornton plans to open its first shared services center in Bangalore, India, in January, creating new operational scale for the firm. The new center initially will support tax compliance work.
“As part of a cohesive global organization of member firms with 33,000 people in more than 100 countries, all sharing a common market and brand focus, Grant Thornton is increasingly distinct in our ability to serve clients that are growing their international operations,” said Chipman. “We are poised for continued growth, which will allow us to continue to serve our dynamic clients’ evolving needs through talented professionals who provide quality service and an exceptional client experience.”