Grant Thornton International issues member firm financial results 2005

• Member firm financial performance up by 17%
• Third consecutive year of double digit growth

Grant Thornton International (GTI) today (14 December 2005) announced financial results for member firms worldwide to the year ended 30 September 2005. The members of the GTI network achieved significant revenue growth for the third consecutive year with an average increase of 17 per cent. This was the highest revenue ever recorded by firms in the GTI network, which celebrated its 25th anniversary this year. Grant Thornton International is now the longest-surviving, same-name international network in the world.

The fee income of Grant Thornton International member firms was up by US$362 million (17%). The biggest growth was in the United States, where Grant Thornton LLP grew by 29 per cent - a spectacular result in one of the world's most competitive markets. Member firm staff numbers and the number of partners worldwide grew by 8 per cent and 3 per cent respectively.
(*see definitions below)

	2005 ($'000)	2004($'000)	2003($'000)	2002($'000)
Total member firm(*) fee income	US$2,454m +17%	US$2,092m +20%	US$1,742m +20%	US$1,451m
Member firms income from core(*) activities	US$2,382m +18%	US $2,011m +20%	US $1,675m +23%	US $1,365m
Number of member firms	92	91	92	85
Number of member firm offices (*)	484 -4%	504 +1%	498 +3%	483
Member firm staff (*) firm offices (*)	22,066 +8%	20,486 +2%	20,180 +5%	19,170
Member firm partners (*)	2090 +3%	2,026 +2%	1,983 +4%	1,910
Number of correspondent firms (*) (income excluded)	18	21	20	25
Year end	30 Sept '05	30 Sept '04	30 Sept '03	30 Sept '02

The performance of member firms was very strong in all regions of the world, but with very significant growth in the Americas (+23%) and Asia Pacific (+26%). Member firms in EMEA (Europe, Middle East and Africa) also achieved double digit growth, but at a lower level than the rest of the world (average 10%), reflecting a slightly more cautious economic outlook.

Total member firm fee income by region

	2005 ($'000)	2004($'000)	2003($'000)	2002($'000)
EMEA (Europe, Middle East & Africa)	US $1,079,314 +10%	US $981,119 +16%	US $843,904 +21%	US $698,360
Americas	US $1,206,006 +23%	US $977,114 +24%	US $786,262 +19%	US $659,301
Asia Pacific	US $168,584 +26%	US $134,018 +20%	US $111,549 +19%	US $93,825
Year end	30 Sept 2005	30 Sept 2004	30 Sept 2003	30 Sept 2002

Said David McDonnell, chief executive officer, Grant Thornton International:
"Yet again, the member firms in the Grant Thornton International network have shown just how successful and innovative they are. They have seized the opportunities of a changing market, demonstrated their competitive edge and continued to gain the confidence of their clients. In the largest market in the world, Grant Thornton LLP (US) continued its spectacular growth; and in Asia member firms built revenues by more than a quarter. As well as winning more and more global audit work for the top end of the mid-cap sector, member firms capitalised on their ability to compete and win head on with the Big 4 for delivery of specialist financial services. This is undoubtedly one of the fastest-growing and successful international accounting networks in the world."

The top ten member firms in the network in 2005 were:

Member firm	2005 $ revenues (in '000's)	% growth on previous year
US	US$828,637	+29%
UK	US$471,022	+9%
Canada	US$313,647	+17%
Germany	US$139,300	+10%
France	US$101,242	+8%
Sweden	US$78,884	+13%
Australia	US$63,778	+28%
Netherlands	US$53,005	+16%
Denmark	US$27,347	+10%

The highest percentage growth in an individual member firm was in Russia where revenues increased 48% to $3,567,000

Background & Methodology

1.) Turnover

1.1) Revenue from correspondent firms has been excluded to give a more accurate picture of the real performance of the network.

1.2) All member firms have reported to a single year-end date (30 September) for consistency and comparability

1.3) Member firms reported revenues net of VAT (Value Added Tax) or GST (General Sales Tax)

1.4) Revenue is reported inclusive of rechargeable expenses.

2.) Core Activities

2.1) The core activities of the members of the Grant Thornton International network are defined as follows:

• audit & accountancy
• tax compliance & consultancy
• consultancy - management & financial
• insolvency / bankruptcy and corporate recovery
• litigation support
• capital markets - mergers & acquisitions and valuation

2.2) The other activities of the members of the Grant Thornton International network include:

• company formation, secretarial and administration of provision of legal advice other than accounting and tax advice
• executive recruitment
• licensing software to non-member and non-correspondent firms
• education

3.) Firms
The Grant Thornton International network consists of member firms and correspondent firms. This results reported in this financial report are for member firms only as Grant Thornton International believes this reflects more clearly the breadth and strength of international networks. Correspondent firms can appear in the networks of more than one international accounting organisation and therefore there is danger of 'double-counting' if their revenues are included by more than one network.

4.) Member Firm Offices
An office is defined as a single building or collection of buildings in a separate location within a city or town

5.) Exchange Rate
Financial results reported by independent member firms were translated into US dollars using the average inter-bank exchange rate over the year ended 30 September

6.) Member Firm Partners
A partner is a legal partner or director of a member firm

7.)Grant Thornton International
Grant Thornton International is a not-for-profit, non-practising, international umbrella membership organisation organised under the laws of the State of Illinois, United States of America. All member firms are independent financial and legal entities

About Grant Thornton
Grant Thornton International is an international membership organisation, with each member firm independently owned and operated. Services are delivered nationally by the member and correspondent firms of Grant Thornton International, a network of independent firms throughout the world. Grant Thornton International is a non-practising international umbrella organisation and does not deliver accounting or auditing services. Each member and correspondent firm in Grant Thornton International is a separate independent national firm. These firms are not members of one international partnership or otherwise legal partners with each other, nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis. Although many of the firms now carry the Grant Thornton name, either exclusively or in their national practice names, there is no common ownership among the firms or by Grant Thornton International.