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Managing to grow even in complicated times

The international network of business advisory companies Grant Thornton International Ltd, of which Grant Thornton Baltic is a member, boasted 1.6% revenue growth last financial year. In doing so, Grant Thornton International saw growth across all major service areas – audit, advisory, tax services.

The biggest leaps in revenue seen in the financial year ending September 2020 came in the Czech Republic (67.3%), Argentina (41.6%), Brazil (33.4%) and Slovakia (29.8%). The greatest percentage of revenue was contributed by assurance (40%, 3.2% growth), advisory service (36%, 0.6% growth) and taxation services 21.8%, 0.5% growth).

North and South America is accounting for the largest share of Grant Thornton International’s revenues and the most energetic growth is being seen in South America. Companies operating in Europe, the Middle East and Africa accounted for 36.6% of total revenue while Asia Pacific contributed 17.9%.

There were 36 mergers and acquisitions in five regions (more than in 2019), which will add to Grant Thornton’s strategic capability for expanding on primary markets.

Grant Thornton International Ltd CEO Peter Bodin said regarding COVID-19 and its impact on the lives of everyone last year: “Since a global pandemic was declared by the World Health Organization 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.”

He 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.”.

Impressive growth in the Baltics

Revenue growth for Grant Thornton Baltic in the past financial year outperformed Grant Thornton International as a whole by tenfold – consolidated turnover in Estonia, Latvia and Lithuania grew by 10.8 million euros, 13.6% year-over-year. That impressive result placed us third in the rankings of top auditing companies compiled by Äripäev business daily.

“In the spring, as the pandemic broke out, we managed to quickly reorganise our operations and continue to offer efficient, high-quality service to our clients,” said Managing Partner of Grant Thornton Baltic, Mati Nõmmiste. “The complicated situation in the economy caused by the health crisis meant that companies had a greater need for expert business advisory service. I’m glad that our great team was able to meet that demand.” Nõmmiste added that the growth seen in advisory services also stemmed from the fact that the number of corporate mergers, acquisitions and divisions saw an upward trend.

Even though the share of advisory services grew, the lion’s share of Grant Thornton Baltic’s revenue came from accounting services, with audit and assurance services playing almost as great a role. “Our audit team posted a superb result, which was all the more praiseworthy considering the situation was far from easy and the changes we had to make in the way we usually work. For example, inventory control and audits had to be conducted remotely, meaning even greater efforts had to be made by auditors to maintain the quality, thoroughness and reliability people have come to expect,” said Grant Thornton Baltic's Partner and Head of Audit Services Mart Nõmper.

Founded in 1992, Grant Thornton Baltic is one of the leading providers of assurance and accounting services and tax, legal, financial and business advisory services in the Baltics. The company employs over 260 people and services are provided to more than 2,600 clients. Since 2012, Grant Thornton Baltic has been a Grant Thornton member firm, part of a global network represented in more than 135 countries with more than 58,000 professionals.

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