Grant Thornton has recorded a surge in turnover, up 13% to £471m for the financial year ended 30 June 2013, largely down to more advisory work from large-cap firms and mid-cap audit contract wins.
In addition, average profit per partner this year is £349K, up from £335K last year.
The firm's advisory practice grew by 21.2%, while the audit practice improved by 9.2% mostly as a result of gains from mid-cap companies such as pub chain Fuller, Smith & Turner, which GT won from EY last month. Turnover from its tax division remained broadly flat year on year.
Distributable profits rose 6% over the period, although the rise in the number of new partners and investment in new business areas meant the average profit per partner increased at the lower rate of 4.2%.
GT said the firm, which is ranked fifth in the Accountancy Top 60 firms, is now on track to achieve its Ambition 2015 revenue target of £500m one year early. CEO Scott Barnes said: 'We've seen a step change in the way the market responds to us and importantly, how we react to opportunities - taking a more cohesive, joined-up approach utilising our in-depth sector and service line expertise.'
Barnes said: 'During the past five years, we've pursued a very deliberate strategy of investing in those parts of our business where we could take market leading positions - such as in the public sector audit and financial services space - along with reinforcing our strengths in our core mid-market segment. The investment we've made in our brand, and ensuring our people understand what it means and how they deliver its values, is now truly paying dividends.'
In an interview with the Independent, Barnes predicted that GT will have 15 FTSE 250 clients within three to four years and said 'the whole mood music around competition has changed' in the light of the Competition Commission's investigation of the statutory audit market.
GT promoted promote 25 partners and directors over the financial year and took on 280 new trainees. The firm calculates its total contribution to the Exchequer in respect of all taxes was £161.8m, with an average rate of tax paid per partner on this year's profits estimated at 42.5%.
