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Grant Thornton wraps up fiscal 2023 with 10.9% growth

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Grant Thornton, one of the largest accounting firms outside the Big Four, achieved revenue growth of 10.9% in its fiscal year ended September 30.

That percentage is adjusted, which means two things. First, it doesn’t take into account the impact of certain exchange rate fluctuations that affected Grant Thornton’s revenue growth. Second, the firm’s adjusted revenue growth rate excludes certain other factors that, like exchange rate fluctuations, impacted sales but aren’t deemed relevant for shareholders.

When those factors are not excluded, Grant Thornton’s growth rate was only 4.9%. In absolute terms, its fee income for fiscal 2022 totaled $7.5 billion.

Grant Thornton is not a publicly traded firm and it’s therefor not required to disclose detailed data about its financial performance. However, the accounting giant did share high-level information about which business units fared the best during 2022.

Grant Thornton is not a single, cohesive company but rather a network of mostly independent firms that operate under the same name. Among the larger member firms, Grant Thornton’s affiliate in India achieved the fastest revenue growth in fiscal 2023: its top line climbed by 29.4%, or more than twice as fast as Grant Thornton as a whole.

The Irish member firm was the runner-up with growth of 24.5%. Grant Thornton’s affiliates in Australia and Japan, meanwhile, both posted sales increases of over 15%.

Broken down by line of business, the accounting giant’s assurance group was the top performer with revenue growth of 14.5%. The group works with companies’ internal accounting teams to ensure they process financial records reliably and without any errors.

Grant Thornton’s second fastest-growing business was its advisory group, which increased its top line by 11.8%. This group provides a range of consulting services spanning areas such as cybersecurity, business process optimization and corporate acquisitions.

Grant Thornton CEO Peter Bodin commented that “more than anything, these results reflect our well-balanced multidisciplinary model. This is what makes the network so resilient. We will undoubtedly face further challenges in the year ahead. I have every confidence that our member firms will continue to deliver exceptional value for their clients, their people, and their communities.”