Because of the coronavirus pandemic, the petals on the Purple Rose of Chicago wilted some this year.
Despite reporting a record high $1.92 billion in revenue for the fiscal year that ended on July 31, Grant Thornton’s revenue only increased 1% in FY 2020 over last year’s $1.9 billion.
CEO Brad Preber commented:
“Our success in generating a modest increase in revenue—despite the COVID-19 pandemic and related economic recession—means we can continue to invest in the services, innovation and talent required to drive growth for our firm and our clients,” says Brad Preber, CEO of Grant Thornton. “We continue to make business and operational decisions that keep our clients’ needs front and center, while also helping our professionals during this challenging time.”
You can read the press release to find out all the accolades Grant Thornton gave itself over the past year, including being the first major professional services firm to move to a work-from-home policy at the start of the COVID-19 pandemic and having a 2018 inspection report from the PCAOB that didn’t suck as bad as some of the Big 4 firms.
What the press release fails to mention is how the firm had to reduce profit distributions for partners and principals and had them contribute to a capital call, make job cuts, and give raises only to employees who got a promotion during the pandemic.
Maybe GT will have a better year revenue-wise in FY 2021 … but I doubt it.