• Skip to content
  • Skip to navigation
Global site
  • Global site
  • Algeria
  • Botswana
  • Cameroon
  • Egypt
  • Ethiopia
  • Gabon
  • Guinea
  • Kenya
  • Libya
  • Malawi
  • Mauritius
  • Morocco
  • Namibia
  • Nigeria
  • Senegal
  • South Africa
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe
  • Anguilla
  • Antigua
  • Argentina
  • Aruba, Bonaire, Curacao and St. Maarten
  • Bahamas
  • Barbados
  • Bolivia
  • Brazil
  • British Virgin Islands
  • Canada LLP
  • Canada RCGT
  • Cayman Islands
  • Chile
  • Colombia
  • Costa Rica
  • Dominica
  • Ecuador
  • El Salvador
  • Grenada
  • Guatemala
  • Honduras
  • Mexico
  • Montserrat
  • Nicaragua
  • Panama
  • Paraguay
  • Peru
  • Puerto Rico
  • St Kitts
  • St Lucia
  • St Vincent and the Grenadines
  • Trinidad & Tobago
  • Turks and Caicos Islands
  • United States
  • Uruguay
  • Venezuela
  • Afghanistan
  • Australia
  • Bangladesh
  • Cambodia
  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • Mongolia
  • Myanmar
  • New Zealand
  • Pakistan
  • Philippines
  • Singapore
  • Taiwan
  • Thailand
  • Vietnam
  • Albania
  • Armenia
  • Austria
  • Azerbaijan
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Channel Islands
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Georgia
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Israel
  • Italy - Bernoni
  • Italy - Ria
  • Kazakhstan
  • Kosovo
  • Kyrgyzstan
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Moldova
  • Monaco
  • Netherlands
  • North Macedonia
  • Northern Ireland
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovak Republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Tajikistan
  • Turkey
  • Ukraine
  • UK
  • Uzbekistan
  • Bahrain
  • Egypt
  • Jordan
  • Kuwait
  • Lebanon
  • Oman
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Yemen
Grant Thorton Logo

Grant Thornton Logo Grant Thornton logo

Find your local member firm
  • About Us
  • Locations
  • Services
  • Industries
  • Insights
  • Advisory
  • Assurance
  • Tax
Advisory Home
  • Business consulting services
  • Business process solutions
  • Business risk services
  • Cybersecurity
  • Forensic and investigation services
  • Mergers and acquisitions
  • Recovery and reorganisation
  • Transactional advisory services
  • Valuations
Digital risk How to better manage digital risk
Cyber threats continue to soar. So what’s the solution? Our advice is to build a wider ‘digital risk’ function which integrates data privacy and cyber security. But where should you start?
Assurance Home
  • IFRS
  • Audit quality monitoring
  • Global audit technology
IFRS Insights into IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
Tax Home
  • Corporate and business tax
  • Direct international tax
  • Global mobility services
  • Indirect international tax
  • Innovation and investment incentives
  • Private client services
  • Transfer pricing
  • Tax policy
Tax Say goodbye to the arm’s length principle
After a slow and tentative start, the OECD’s push for a solution on how to allocate and tax the profits from digital business is gathering momentum.
  • Business Services
  • Consumer and industrial products
  • Energy & natural resources
  • Financial services
  • Healthcare
  • Not for profit
  • Private equity
  • Professional Services
  • Public sector
  • Real estate & construction
  • Technology, media & telecommunications
  • Travel, tourism & leisure
Technology, media & telecommunications Home
International Business Report (IBR) TMT outlook: Can tech spend buoyancy keep the industry airborne?
Uncertainty is mounting for technology, media and telecommunications (TMT) businesses amidst a turbulent economic and political backdrop, according to the latest research from Grant Thornton. But with businesses in other industries increasingly looking to new technologies as the path to transformation, this is also a time of opportunity. So how can the TMT industry ride out the turbulence and thrive?
  • Grant Thornton International Ltd. Home
  • Press releases
  • Press Releases 2020
  • Grant Thornton network resilient in the face of global market downturn

Grant Thornton network resilient in the face of global market downturn

15 Dec 2020
  • Grant Thornton network resilient in the face of global market downturn

LONDON - 15 December 2020: Grant Thornton International Ltd today announced global revenues of USD5.76 billion for the financial year ended 30 September 2020, up 0.6% on 2019. This represents growth of 1.6% and USD5.81 billion in constant currency terms*.

In particular:

  • Long-term investment in strategic growth markets continues to deliver with double digit growth in key countries, such as Brazil (+33.4%), Germany (11.9%), India (+14.8%), Malaysia (11.8%), and Singapore (19.9%).
  • Our larger firms in Europe performed well with strong growth in Denmark (9.4%), France (5.6%), Germany (11.9%), Greece (14.6%), Ireland (8.2%), The Netherlands (9.6%), Sweden (4.6%) and Switzerland (5.4%).
  • Central European firms stood out with Austria (+13.1%), Czech Republic (67.3%), Poland (+17.3%) and Slovakia (+29.8%) delivering particularly strong growth.
  • Despite modest growth in North America our firms in Canada reported growth of 5.8% (Canada LLP) and 3.6% (RCGT) respectively.
  • Elsewhere the network saw strong growth from Argentina (41.6%), Korea (20.7%), and United Arab Emirates (10.1%).
  • Stable growth was reported across all service lines led by assurance (+3.2%), advisory (+0.6%) and tax (+0.5%).

Peter Bodin, CEO Grant Thornton International Ltd, says: “From the professional to the personal, COVID-19 has affected every aspect of our lives in 2020. Since a global pandemic was declared by the World Health Organisation in March this year, Grant Thornton member firms have focused on supporting their people, their clients, and their businesses.

“I am incredibly proud of the determination, agility and resilience demonstrated by Grant Thornton member firms around the world as they responded to unprecedented challenges while increasing their support, connectivity and collaboration with their clients and one another.”

Thanks to the network’s investment in technology over recent years, member firms were able to switch to virtual working, in some cases almost overnight, as lockdowns were imposed by governments around the world. The network’s ability to pivot not only enabled it to maintain its operational capabilities but also to help clients respond as we rapidly launched tools and guidance to help business cope with the social and economic shock of the pandemic. Grant Thornton firms around the world responded with empathy, innovation and care for their clients.

Peter concluded: “While the outlook remains uncertain, the prospect of a vaccine next year, along with solid growth this year, puts us in a great position to continue investing in our multidisciplinary model and leverage opportunities post-Covid.”

Summary:

  • The Americas is the largest region by revenue accounting for 45.5% of revenue (+0.0%); followed by EMEA, which accounts for 36.6% (+2.7%) and Asia Pacific contributing 17.9% (-1.8%).
  • Assurance services made up approximately 40.4% of total revenue (USD2.32bn, +3.2%); advisory services 36.0% of revenues (USD2.08bn +0.6%) while tax contributed 21.8% (USD1.26bn +0.5%). Other services accounted for 1.8%.
  • Mergers and acquisitions contributed USD65m with 36 transactions - more than in 2019. Split across five regions, the transactions add strategic capabilities identified as part of business planning in key markets and were successfully concluded despite the challenges of COVID-19
  • During the course of the year headcount grew by 3.9% to 58,229 people, underlining our ongoing investment in and commitment to our people around the world. This year also saw the appointment of Judith Sprieser as the Chair of GTIL’s Board of Governors.
  • Two new firms joined the network in Chile and Turks and Caicos

*Constant currency is calculated by applying 2019 exchange rates to 2020 revenues.

Any media enquiries can be referred to Thor Bostelmann, Global Corporate Communications Manager at thor.bostelmann@gti.gt.com.

  • Grant Thornton on Youtube
  • LinkedIn icon
  • Twitter icon
  • Follow us on Instagram
Connectclose
  • Meet our people
  • Contact us
  • Global reach
Aboutclose
  • About us
  • Careers
  • Press
  • Corporate social responsibility
  • Modern slavery statement
  • GPPC
Legalclose
  • Privacy
  • Cookie policy
  • Disclaimer
  • Site map
  • Unauthorised trademark use

© 2021 Grant Thornton International Ltd (GTIL) - All rights reserved. "Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.

    • EN
    • Sign in
    • Find your local member firm
    Sign in with LinkedIn Close
    Sign in with LinkedIn to save articles to your bookmarks.
    Privacy policy