Grant Thornton is the latest global accounting firm to announce “we made a shitload of money in 2022” when it released last week its revenue results for the most recent financial year:
Grant Thornton International Ltd today [Dec. 14] announced its revenues grew to a record USD7.2 billion for the financial year ended 30 September 2022, up from USD6.6 billion in 2021. This represents growth of 13.7% in constant currency terms. All major service lines and regions achieved double-digit growth in constant currency during another challenging year in many markets.
Global accounting firms like to use “local currency terms” or “constant currency terms” because they can make their year-over-year revenue increases seem much larger than they actually are. A 13.7% increase in revenue from 2021 to 2022 looks a lot better than a 9.1% increase. Anyway, GT’s prosperous 2022 gave global CEO Peter Bodin all the warm fuzzies:
“These results highlight the value of our continued focus on our network strategy and its ability to deliver sustainable growth for the network, despite another challenging year in many markets.
“Over the past year our member firms have continued to focus on helping their clients navigate volatile markets, whether due to geo-political tensions and their macro-economic consequences, or the ongoing impacts of COVID. Through all this, our firms have helped clients realise their international ambitions as businesses continue to look abroad for growth opportunities.
“These results also reinforce the true value of our multidisciplinary model for the network and for clients, as it enables us to invest in the technology and enhanced capabilities needed by today’s international clients. This in turn provides great opportunities for our people to further develop their skills and expertise – making Grant Thornton an attractive place to work.
“The resilience of our network will continue to be tested in the months and years ahead, but I have every confidence our member firms will continue to deliver for their clients, their people and their communities.”
We’re big fans of infographics (especially ones we don’t have to make), so here’s one that summarizes GT’s 2022:
In the U.S., Grant Thornton’s revenue was $2.3 billion for its fiscal year ending July 31, up nearly 17% from the $1.97 billion the firm brought in last year.