IT investment hits Grant Thornton profits – but revenues rise
Revenues have increased 2.5% this year at accountancy business Grant Thornton, but heavy investment in IT has led to lower profits.
Revenues increased to £534m, up from £521m for the year to 30 June 2016. It also separated and sold the majority of its Individual Voluntary Arrangement division during the year, retaining a 40% stake.
The mid-tier firm revealed it had invested heavily in technology and IT infrastructure, which led to pre-tax profits declining to £72m from £82m the year before.
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