Grant Thornton global revenues pass USD5 billion

  • Grant Thornton begins a new chapter as Peter Bodintakes office as CEO of Grant Thornton International Ltd (GTIL) and the global headquarters relocate to the iconic ‘Walkie Talkie’ building (20 Fenchurch Street) in the City of London.

  • Peter Bodin said: “Deliveringrecord global revenues of USD5bn and reaching 50,000 people worldwide is agreat achievement, thanks to the skill, hard work and dedication of our people.We now have a strong platform to create the next generation professional services organisation we want to become. I am honoured and excited to lead Grant Thornton as we begin our next chapter.”

  • He added: “I have alwaysbelieved sustainable business success is built on having the right leadership,people and culture. My role now is to create an environment that enables Grant Thornton member firms and their people to innovate and collaborate globally. Wewant to build a brand that stands out in the market and we will have a resolute focus on digital transformation – for our own business and for our clients around the world.

  • “Technology-led transformation and disruption is affecting every industry today, creating many opportunities for clients – as shown by record levels of business optimism in our latest International Business Report. We will help clients develop, grow and take advantage of these opportunities – which will lead to stronger growth for Grant Thornton.

  • Joining Peter on the new globalleadership team, effective 1 January 2018, are:

  • Hilary East (London) – Officeo f the CEO

  • Paul English (London) – Markets and clients

  • Francesca Lagerberg (London) –Network development

  • Antony Nettleton (Chicago) –Quality and risk management

  • David Peneycad (Toronto) –Operations and projects

  • Jason Ramey (Chicago) – Servicedelivery

  • Kim Schmidt (London) – Leadership,people and culture.

  • Peter continued: “My team and Ifeel a strong sense of obligation to continue transforming our network amid aperiod of extraordinary change for clients and our industry.

  • “Our focus must be on leadingthat change. We must continue to strengthen our capabilities in strategic markets around the world and continue transforming our technology to takeadvantage of the opportunities change presents for those willing to be bold.”

  • Peter Bodin takes on the roleof global CEO after 16 years leading Grant Thornton Sweden, during which timethe Swedish firm’s revenues more than trebled to over SEK1.3bn. He previouslyserved as a member of GTIL’s Board of Governors from 2003 to 2016 and is a former chair.

  • Results for year ending 30 September2017 in summary:

  • The Grant Thornton network recorded growth of 6.3% on a local currencies basis (4.5% in US dollar terms)with total combined member firm revenues of USD5.0bn, thanks to particularly strong growth in Asia Pacific and Africa.

  • The number of people in theGrant Thornton network globally grew by 5.5% to 49,601 people in more than 130countries.

  • Particularly strong growth in Asia Pacific and Africa with both regions up over 15% respectively, and CIS,which saw growth of over 14%.

  • Capabilities added to thenetwork during the year through M&A or other combinations in Australia;Canada; Costa Rica; Denmark; India; Italy; Israel; Poland; South Africa; St.Lucia; and Sweden.

  • Assurance services accounted for approximately 41% of total revenues (USD2.053bn, +1.8%); Advisory services 35% (USD1.736bn +4.1%); Tax services 21% (USD1.045bn +2.1%); and Other services accounted for 3% of total revenue at USD156 million.

  • The Americas remain thenetwork’s largest market with revenues of USD2.4bn, followed by Europe at USD1.6bn.

  •  Growth in Asia Pacific was driven by China and India which both grew by more than 25% during the year.

  • The strength of Africa wasunderpinned by strong performances in South Africa and Zimbabwe, which grew by16% and 14% respectively. Mauritius, Ethiopia, Congo and Ivory Coast also madesignificant contributions to the region.