Grant Thornton grows profits despite £34m dip in revenues

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Grant Thornton has reported a 10.3% rise in post-tax profit despite a 6.4% drop in income to £500m.

The firm which has an office in Leicester, has been busy reshaping its portfolio after the cessation of a Government contract to deliver business growth services, otherwise like for like revenue would have been 2.5% up.

The top 10 firm, which now advises over 51% of FTSE100 companies, grew post tax profits to £75 million, translating into average distributable profit per partner increases of 7% to £407,000 .

Chief Executive Sacha Romanovitch said the results give the firm “great cause for optimism” after a year turning the business “inside out”.

She said: “Our brand awareness is at an all-time high, we are growing our market share in each of the three impact areas outlined in our Vision 2020 strategy, and we are seeing the seeds of sustainable profit growth driven by a unique shared enterprise culture.

“Our ability to gain and sustain market share, as well as our increased brand awareness, clearly demonstrates that our purpose-led strategy is resonating with the market. This positions us well for future growth as we turn increased awareness into valuable commercial outcomes for our clients and our business.”