Commentary on aggregate revenues of member firms

Aggregate revenues of Grant Thornton member firms for the year ended 30 September 2009 were $3.592bn (2008 $3.956bn). Those aggregate revenues measured at constant exchange rates are steady when compared to 2008 but decline by 9% from 2008 when adjusted for exchange rate fluctuations against the US dollar. Revenues from assurance services achieved 5% growth measured at constant exchange rates but were down 4% at $1.6 billion against 2008. Revenues from assurance services account for around 46% of aggregate US dollar revenues. Revenues from tax services remained steady at constant exchange rates but were down 9% to $763 million taking into account exchange rate fluctuations against the US dollar. The advisory services business, despite the drop in transaction related work, continued to contribute 25% of aggregate US dollar revenues, generating $884 million.

Europe, Middle East & Africa revenues held steady at constant exchange rates, thanks in part to good performances from Greece (11% growth), Poland (12%) and Belgium (19%), although several member firms in Europe suffered a dip in revenues as a result of the tough economic climate. Revenues in the US were marginally down on last year (by 3%) but six of the top 10 countries in the organisation (Canada, France, Germany, Japan, Netherlands and Sweden) enjoyed growth of up to 5% in local currencies.

Latin America and the Caribbean experienced growth of 13% when measured at constant exchange rates, with 14 of the 19 member firms in the region recording increased revenues. Asia Pacific revenues were also up (by 14%) at constant exchange rates, helped by a 23% increase in revenues by the India member firm.

During the year, Grant Thornton appointed new member firms in Bolivia, Mozambique and in China the significant firm, Jingdu Tianhua, joined our organisation. Continuing investment in China will remain an important element of the Grant Thornton global strategy.