Press Release
Grant Thornton UK LLP Annual Report 2023: Strong foundations driving growth and momentum
28 Mar 2024
- Grant Thornton publishes its 2023 Annual Report, showing another year of record performance across the firm
- Sustainable growth across all its service lines allows firm to further invest in people, technology and infrastructure
- Firm once again achieves top scores in annual Audit Quality Review and gains market recognition for its client service and focus on its people
Grant Thornton UK LLP has today (28 March 2024) published its
2023 Annual Report, demonstrating another year of record performance. Building on the firm’s momentum over recent years, the twelve months to 31 December 2023 saw it achieve +7% net revenue growth to £654m and operating profit growth of +18% to £146m.
Whilst economic conditions led to modest growth in the firm’s Advisory and Tax practices, its Audit practice saw significant gains throughout the year resulting from its ongoing strategy of working with clients who value audit.
Over the past year, Grant Thornton’s focus on where it can make a difference has seen it further stand out in the market and continue to grow its presence. For the second year in a row, the firm once again achieved top scores in the regulator’s Audit Quality Review. Quality of service also remains the top reason why clients choose to work with Grant Thornton and why the market wants to work with the firm, according to independent market research.
Ongoing investment in its people saw the firm reach a total headcount of over 5,500 people in December (+5% on last year), including over 1,200 new joiners and 25 new partners. The firm’s performance in 2023 allowed it to further reward its people, with an investment of £11m in salary increases and allocated 15% of trading profits for discretionary bonuses. The firm’s average profit per partner rose +11% to £644,000.
Grant Thornton’s focus on Inclusion and Diversity saw it welcome another record intake of school leavers in 2023 and again receive accolades for its efforts in addressing social mobility, ranking third in the annual Social Mobility Employer Index and being awarded ‘gold’ status as a top apprenticeship employer from The 5% Club. Moreover, the firm’s approach to creating an inclusive environment saw it once again recognised as a leading employer for LGBTQIA+ inclusion and amongst the top 10 employers for working families.
The firm’s ongoing success has also allowed it to invest in technologies throughout the year, which help clients and its people achieve their goals such as its GTAssist internal generative artificial intelligence (AI) platform. The tool sits alongside a portfolio of other digital investments designed to enable innovation and deliver value to its clients.
Malcolm Gomersall, CEO of Grant Thornton UK LLP, commented:
“2023 was another standout year for our firm and that’s down to the contributions of the more than 5,500 people who make up Grant Thornton. Whilst uncertainty, inflationary pressures and overall trading conditions continued to impact our markets, our firm’s resilience meant we were able to continue investing in our people and operations to remain a top choice for clients.”
“I’m exceptionally proud of the efforts our people and the partnership made over the year, which enabled this success – not just in the headline financial figures, but also in our culture of everyday inclusion, which makes Grant Thornton an employer of choice. The foundations we’ve laid mean our firm is set up for future success, with a strong pipeline of talent, a culture focused on ‘doing what’s right, ahead of what’s easy’ and an operational agility which allows us to capitalise on new market opportunities whilst maintaining a core focus on quality. This gives us a powerful platform to continue to grow in the years to come.”
