Financial adviser Grant Thornton UK has revealed a small fall in revenue for the past year – but saw the level of profit per partner rise.
The professional services firm, which has an office in Birmingham, saw sales drop to £377 million, down £2.7 million on last year.
While pre-tax profits fell from £77.6 million to £75.2 million for the financial year ended June 30, the group saw average profit per partner increased to £342,000 from £321,000 last year.
Chief executive Scott Barnes said that the firm’s strategy remains focused on dynamic large private and smaller listed companies although there may be opportunities in the large listed market if European Commission proposals on audit market reform become law.
He said despite the difficult economic conditions, revenues were just 0.7 per cent below last year’s results with the reduction in public sector advisory work largely responsible.
He said: “Given the continuing difficult economic conditions, Grant Thornton’s performance has been very strong. We knew it was going to be a tough period and it is testament to our core strategy and the strength of the partnership that we have come in ahead of expectations.
“We have recently won a three year contract from the Department of Business Innovation and Skills to deliver the new Manufacturing Advisory Service and we are well positioned to pick up more public sector audit work.”
Over the year, assurance revenues grew 2.8 per cent to £122.3 million while taxation services contracted 1.4 per cent to £91.7 million.
Overall revenues within the advisory practice were £150.0 million, with 17.7 per cent growth in forensic and investigation services to £17.7 million and 1.9 per cent growth in recovery and reorganisation to £97.1 million.
Corporate finance revenue dropped £5.7 million to £35.2 million due to reduced activity within the firm’s Government, infrastructure and advisory business following government spending cuts.
Dave Munton, office managing partner at Grant Thornton in Birmingham, said: “In addition to playing a vital role in winning the prestigious Manufacturing Advisory Service contract, the Birmingham office has won several major audit clients recently, including Birmingham Science Park Aston, Anthony Collins Solicitors and Rhead Group.
“The continued success of the Birmingham office is a tribute to the team’s hard work, enthusiasm and dedication to delivering exemplary client service. We have continued to invest in new talent, including corporate tax partner David Hillan, who joined earlier this year, and we expect to make further investments across key industry sectors and specialist disciplines within the firm during the coming year.”