Grant Thornton delivers strong annual results but says 'challenges remain'

Annual profits climbed 10% at accountancy group Grant Thornton, thanks to a stronger performance by its advisory practice and the pick-up in the economy.

For the 12 months ended 30 June, revenue had climbed to £512m, beating its target of £0.5bn by one year.

The gains helped to push average distributable profit per partner up 10% to £385,000, while total profits climbed 7.7%.

Its advisory practice saw year-on-year growth of 15%, while the audit practice delivered a more modest 4% and its tax arm remained broadly flat against the prior year.

The group's chief executive officer, Scott Barnes, conceeded that while the it had been a strong year, it was "not a time to stand still, with plenty still to do".

He said the group had continued to make inroads in public sector audit, growing its presence and earlier in the year made a targeted investment with the acquisition of data analytics business, Local Futures Group.

Looking ahead, he continued: "The economy is picking up, but the market continues to be competitive and challenges remain. As a firm we are looking ahead with optimism, as we remain client focused, striving constantly to improve efficiency and quality in all areas of our work.

"We are planning for the medium and longer term to ensure we maintain our position as a stand out brand within the marketplace for long-term sustainable growth."