Insider Media Limited

A reduction in the amount of public sector advisory work has been linked to a revenue drop at Grant Thornton.

Despite a 0.7 per cent fall in turnover, the financial advisory firm said profit per partner increased in the year to 30 June.

Grant Thornton, which has an office in Birmingham, said pre-tax profits "remained strong" at £75.2m. This was on revenues of £377m, a decrease of £2.7m on its 2010 results.

Chief executive Scott Barnes said that the firm's strategy would remain focused on large private and smaller listed companies.

He added that there could be potential opportunities for Grant Thornton to develop in the large listed market if European Commission proposals on audit market reform become law.

Despite a slight drop in profit, Grant Thornton said that average profit per partner increased to £342,000.

Its corporate finance revenues dropped £5.7m to £35.2m due to reduced activity in government, infrastructure and advisory business. Taxation services also contracted 1.4 per cent to £91.7m.

Assurance revenues grew 2.8 per cent to £122.3m while forensic and investigation services grew 17.7 per cent.

Barnes said: "Given the continuing difficult economic conditions, Grant Thornton's performance has been very strong. We knew it was going to be a tough period and it is testament to our core strategy and the strength of the partnership that we have come in ahead of expectations."