News release
Grant Thornton UK LLP Annual Report 2022: Continued growth and investment in the future
03 Apr 2023
Grant Thornton UK LLP has today (04 April 2023) published its 2022 Annual report, demonstrating the ongoing success of its earlier strategy of embedding Quality, Talent and Value into its operations. Throughout the year to 31 December 2022, Grant Thornton maintained its momentum from years prior, achieving net revenue growth of 12% to £610m and a 5% rise in profit before tax to £121m, on a like-for-like basis.
This follows an exceptional year in 2021, which saw net revenue growth of 15% and profit growth of 37%, largely driven by unprecedented market conditions boosting demand for consulting services and transaction advice. In 2022, the firm saw steadier and more sustainable demand across all its service lines, with more modest profitability growth tempered by inflationary pressures and a return to more normalised operating costs, which had fallen in prior years owing to the pandemic (eg travel, utilities, hospitality, etc).
In 2022, the firm continued investments in talent and expanding its partnership, including a record number of trainees and school leavers and increasing its total number of partners by 12% to 212. The firm also rewarded its people with an overall 8% increase in salaries throughout the year, alongside other non-financial benefits. Consequently, average profit before tax per partner was 5% lower in 2022, at £579,000, reflecting the firm’s ongoing growth investment.
Grant Thornton’s focus on its people also saw it make headlines for its unique flexible working philosophy and market-leading family leave policies, providing even greater flexibility. The firm’s support for its people was further recognised in the market throughout 2022, seeing Grant Thornton feature within the top 10 in Working Families’ list of family-friendly employers, the Social Mobility Employers Index and the Department of Education’s Top 100 Apprenticeship Employers rankings; The Times Top 50 Employers for Women, and continued recognition from equality charity Stonewall for its commitment to inclusion of LGBTQIA+ people in the workplace. These, alongside other accolades in 2022, serve as testament to Grant Thornton’s commitment to create a culture that is inclusive for all its people.
Dave Dunckley, CEO, commented:
“Our firm enjoyed a strong year in 2022, which follows on from an exceptional year in 2021, and our partnership recognises that, behind this success, is an incredibly talented team. We’re pleased that the investments we continue to make in creating the very best environment for our people to grow are translating into the delivery of high-quality work and sustainable success for our firm.”
Throughout 2022, the firm saw positive results stemming from earlier investment in the quality of its services. Its significant progress in audit quality was reflected in another year of strong results in the regulator’s annual review, which this year saw the firm achieve 100% top scores across its audit files reviewed. Similarly, independent market research with UK buyers of professional services identified Grant Thornton as leading the sector in value for money and as the most recommended firm amongst its peers.
Dunckley continued:
“I’m exceptionally proud of the outstanding work that our people do. We will continue to go beyond for our clients and each other, and I’m convinced that this year we’ll build on the momentum we’ve created, surpassing expectations, delivering high quality and creating an even better experience for those who work with us, and for us.”
“Our strategy remains simple: to create the very best environment for our people to grow. We’ve laid strong foundations for growth over recent years and achieved transformational change across our operations, despite the disruptions of a global pandemic and ongoing political and economic uncertainty throughout that time. By utilising this momentum, alongside the strength of the Grant Thornton International network, we’re confidently looking forward to 2023 and beyond.”
