Press release
Deliberate market focus drives solid growth
Deliberate market focus drives solid growth for Grant Thornton
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Press release
Deliberate market focus drives solid growth
19 Feb 2020
Global revenues of USD 5.72 billion in 2019 (+5,1%)
Among professional service lines, audit and assurance grew by 4.7%, tax services by 5.9%, while advisory recorded a particular strong result equal to 8.6%
25.8% of the growth in 2019 has come from mergers and acquisitions and the number of people in the Grant Thornton network grew to over 56,000 (+6.3% on 2018). Italy recorded a double digit growth with an 11% overall increase
Milan, 18 February 2020 – Grant Thornton International Ltd, global network operating since more than 100 years with 56,000 people in 140 countries, offering assurance, tax and advisory services, announced global revenues of USD 5.72 billion for the financial year ended on 30 September 2019, up 5.1% on 2018 (6.4% in constant currency terms*).
“During 2019, Italy contributed significantly to the 12.8% increase recorded by the 13 strategic growth markets in which it was included” - commented Alessandro Dragonetti, Managing Partner and Head of Tax of Bernoni Grant Thornton. “This contribution is partly due to organic growth and partly to acquisitions and lateral hires completed in the last 24 months”.
“The Italian member firms of Grant Thornton recorded an overall growth equal to 11% - concluded Fabio Gallassi, Managing Partner of Ria Grant Thornton - with a 14% increase in assurance and a 16% increase in tax services. As concerns advisory services, a significant growth was recorded by Business consulting and Transaction services in particular. In line with the global network’s sustainable growth strategies, the Italian firms are committed to grow in terms of professional skills, innovation and qualified ongoing assistance to mid-market businesses.”
The global results for 2019 were driven by:
- Investment in 13 strategic growth markets where Grant Thornton sees the highest potential for growth in the mid-market segment. Fimrs in these countries grew by 12.8% - double the global growth rate - and now account for USD 1 billion of total global revenue. Growth in these markets was led by Brazil (+26.3%), Germany (+24.3%), India (+21.2%), Japan (+14.4%) and China (+9.9%).
- Asia Pacific saw positive results, with a7% growth.
Solid growth across all service lines with a particular stong result from advisory (+8.6%), closely followed by tax (+5.9%) and assurance (+4.7%)