Grant Thornton sees revenue soar to $ 1.97 billion
Grant Thornton announced Thursday that his U.S. member firm achieved record revenue of $ 1.97 billion for the fiscal year ended July 31, 2021.
Consulting services revenues increased 39%, accounting and auditing fees increased 35%, and tax commission revenues increased 26%.
The company has seen revenue increase despite the COVID-19 pandemic, which has prompted GT to make rapid adjustments to help its workforce. The company offered employee benefits such as psychological well-being, childcare, in-home meal preparation and tutoring, while introducing a hybrid ‘return to work’ workplace model. which gives company professionals more autonomy and flexibility during the pandemic.
“We’ve learned that with the right support, our people can serve our customers with excellence wherever they are,” Grant Thornton CEO Brad Preber said in a statement. “Our teammates have different levels of comfort with the return to face-to-face interactions, different face-to-face contact needs and different family responsibilities. That is why we have created a policy that delivers exceptional results to clients without requiring a presence in our offices or at client sites for many business situations.
Preber is expected to retire next summer, and last month the company’s board appointed Seth Siegel to succeed him on August 1, 2022 (see the story). GT has also appointed several other new leaders over the past fiscal year, including Janet Malzone as the firm’s National Managing Partner of Audit Services and Jeff Hughes as National Managing Partner for Audit Quality and risks. GT also appointed Beatrix Bernauer as Chief Risk and Compliance Officer, and Partho Ghatak as Chief Information Security Officer. Additionally, GT has appointed Rashada Whitehead as the National Director General of Culture, Immersion and Inclusion.
Grant Thornton also established a Center of Excellence in Orlando, Florida last year to develop more services to help tax clients turn data into insight.
Immediately after the end of fiscal 2021, Grant Thornton’s board of directors also appointed Seth Siegel as the company’s elected CEO. His tenure as CEO will begin on August 1, 2022, immediately following the mandatory retirement of current CEO Brad Preber after nearly two decades in leadership roles with the company.