Grant Thornton Hit by Merger Fallout
Turnover down 4.1%, profits down 19%. King of the mid-tier firms, Grant Thornton, recorded a 4.1% fall in turnover. Figures dropped to £378.2m – they include restructuring costs incurred through its merger with Robson Rhodes in July 2007. Hardest hit were the firm’s corporate finance and tax revenues which fell, by 33% and 4.9% respectively. The merger and subsequent restructuring also led a fall in profit per partner of 19% to £201,000, while the number of partners also dropped 19% from …
Turnover down 4.1%, profits down 19%.
King of the mid-tier firms, Grant Thornton, recorded a 4.1% fall in turnover. Figures dropped to £378.2m – they include restructuring costs incurred through its merger with Robson Rhodes in July 2007. Hardest hit were the firm’s corporate finance and tax revenues which fell, by 33% and 4.9% respectively.
The merger and subsequent restructuring also led a fall in profit per partner of 19% to £201,000, while the number of partners also dropped 19% from 286 to 235 and around 200 staff left the firm.
Although in hindsight the profit puncturing merger appeared badly timed, this year is predicted to be much more profitable, get those Audi S5s on order.
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