Business and financial adviser Grant Thornton UK saw pre-tax profits grow by 40.2 per cent to £77.6 million last year.
Grant Thornton’s increased profitability is based on revenue of £379.7 million, an increase of 0.4 per cent, for the financial year ended June 30.
The improvement in performance for its latest financial year reflects Grant Thornton’s restructuring following its merger with Robson Rhodes in 2007 and its decisive action at an early stage of the downturn which lowered the firm’s cost base.
Chief executive Scott Barnes said: “Our strong profitability and cash position creates a platform for growth as we come out of this difficult economic environment. Acquisitions form a key element of our strategy going forward, helping us to build on organic growth.
“Our overall performance has been excellent in these conditions. We acted earlier than some others and this is reflected in our 40 per cent growth in pre-tax profits for the year and, against the backdrop of the recession, we have done well to maintain our overall level of revenue. We need to increase our profitability further but this was the start I was looking for in my first full year leading the firm.”
Dave Munton, office managing partner at Grant Thornton’s 250-strong office in Birmingham, said: “The Birmingham office audit and tax departments have been stable during the year due to a combination of the efforts of a fantastic team and a well diversified client portfolio which, despite the downturn, has remained reasonably active.
“On the advisory side, we have also benefited from a period of investment in two new partners, Ian Wilson and David Bennett, and in new senior personnel in corporate finance, tax and reorganisation and recovery. We are certainly beginning to see a cautious upturn in the market locally and I believe we are well positioned to capitalise on these growth opportunities.”