Grant Thornton International Ltd today announced its global revenues grew to a record USD7.5 billion for the financial year ended 30 September 2023. This represents sustained growth of 10.9%* in adjusted constant currency terms**, building on the excellent 13.7% growth achieved in 2022.
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The network reported double-digit growth across all major service lines (assurance, tax and advisory), led by assurance services up 14.5%, reinforcing the network’s strong commitment to the multidisciplinary model. Regional performance was also strong, led by EMEA up 12.8%.
Global headcount grew from 68,517 to 72,858 reflecting the network’s ongoing investment in its people and its commitment to building a diverse and inclusive global culture.
Key highlights include:
- Among the network’s larger firms, particularly strong growth was reported in constant currency by India (+29.4%), Ireland (+24.5%), Australia (+17.0%), Japan (+15.6%), Canada LLP (+15.3%), Canada RCGT (+14.3%), Germany (+14.3%) and France (+11.1%)
- Key strategic growth market firms saw growth of 11.4%. Strong performance in these key markets was led by Nigeria (+78.0%), followed by India (+29.4%), Thailand (+23.1%), Japan (+15.6%), Germany (+14.3%), Vietnam (+12.6%), Brazil (+12.4%) and Indonesia (+10.9%).
- Substantial growth was also achieved in many other firms, including UAE (+47.8%), Poland (+23.9%), Greece (+21.9%), Luxembourg (+20.4%), and Spain (+16.0%).
- Regionally, strong growth was led by EMEA (up 12.8% to USD2.8bn), followed by Asia Pacific (up 11.2% to USD1.3bn), and the Americas (up 9.3%* to USD3.3bn).
- Double-digit growth across all major service lines was led by assurance (up 14.5% to USD3.2bn), followed by advisory (up 11.8%* to USD2.7bn), and tax (up 10.8% to USD1.6bn), reinforcing the value of the network’s multidisciplinary model.
- Overall, 106 member firms reported growth in revenues this year, with almost 60% reporting double digit growth.
Peter Bodin, CEO Grant Thornton International Ltd commented: “These results underscore the network's exceptional ability to achieve sustainable growth despite ongoing challenges across the diverse markets in which our member firms operate. Grant Thornton member firms have proved their resilience over recent years in the face of geo-political, economic and regulatory disruption and these results show how successfully our member firms are helping clients navigate this volatility.
“At the heart of our strategic response to the external factors impacting our member firms and their clients is our continued focus on building a brand and culture that encourages diversity, equity and inclusion across the network – as part of our ongoing network strategy. It is this ability to embrace different thinking and the care we show for our people and clients that continues to deliver sustainable growth.
“More than anything, these results reflect our well-balanced multidisciplinary model. This is what makes the network so resilient. We will undoubtedly face further challenges in the year ahead. I have every confidence that our member firms will continue to deliver exceptional value for their clients, their people, and their communities."
* GTIL reports global results in US dollars (USD). However, most member firms do not use USD as their local reporting currency so current year results are calculated using the prior year USD rate to remove the impact of currency fluctuations of the current year. This is referenced as 'constant currency'. Growth in constant currency are also reported on a pro rata basis adjusted for practice disposals by member firms in the network. This enables for a like-for-like comparison between reporting periods.
** Unadjusted network growth in USD terms was 4.1%
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