Press Release
Staying on a growth track
24 Jan 2022
In the financial year ended on 30 June 2021, Grant Thornton Baltic managed to stay on a growth trajectory despite the uncertain economic environment.
The turnover of Grant Thornton Baltic, operating in Estonia, Latvia and Lithuania was 10.87 million euros in the 2020–2021 financial year, an increase of 0.7% compared to the previous period. The audit and assurance field stood out with the highest growth in turnover. Country by country, Estonia and Lithuania posted very good results – turnover of 7.7% and 7.1%, respectively.
“I’m very glad that in spite of the pandemic that has lasted nearly two years, we were able to continue to grow. We have a very hard-working team that engages in good cooperation, and that is reflected in our customer satisfaction results,” said Grant Thornton Baltic Managing Partner Mati Nõmmiste.
Nõmmiste said there was a visible trend that more and more clients are looking to use different Grant Thornton Baltic services. “For instance, besides audit or everyday accounting, customers want internal audit and data protection related advisory services, and they are also interested in tax and legal advisory and business and financial advisory.”
Growth powered by audit and accounting
The turnover of Grant Thornton Baltic in Estonia in the 2020–2021 financial year was 4.8 million euros, which was an increase of 7.7% compared to the previous financial year. Net profit was up by an impressive 183%. The best result was posted by audit, where turnover grew by 20%, followed in terms of speed of growth by accounting – 17.0%. Grant Thornton Baltic’s Partner and Head of Audit and Assurance Services Mart Nõmper: “Figuratively speaking, in spite of going against the wind, we were able to navigate a complicated situation very well and exceed expectations. The reasons are many. For one, we have a very good team who has adapted well to the new work methods, including remote work. Our auditors also receive in-house support from tax advisers, lawyers and valuation experts, which allows us to provide better service to clients. Many new clients were added and the volume of work for our existing clients increased. During the financial year, we took a big step qualitatively and provided service in audit for the first public interest entity, the publicly listed company UPP Olaines OÜ. We have a definite plan to continue growth in this area.”
In accounting, turnover of both accounting and payroll accounting services grew (18% and 13%, respectively). “It is all founded on our great people who are there with changes every step of the way and adapt to the new conditions. We have made many leaps in our development in service quality and technological solutions. A significant number of our new clients are fast growing crypto companies, whom we provide efficient and multifaceted support in cooperation with our advisory team,” said Partner and Head of Outsourcing Services Anastasia Borovaja.
On the upswing around the world
The international network of business advisory companies Grant Thornton International Ltd, of which Grant Thornton Baltic is a member, recently released its results for the financial year ended 30 September 2021. Grant Thornton’s global turnover was 6.6 billion dollars, growing 14.3% since the previous financial year. What is noteworthy here is that all business areas experienced growth. By region, the leaders in turnover were Europe, the Middle East and Africa (19.1%), Asia (15.8%) and North and South America (9.7%).
Founded in 1992, Grant Thornton Baltic is one of the leading audit, accounting and tax, legal, financial and business advisory service providers in the Baltics. The company employees over 260 people and provides services to more than 2600 clients. Since 2012, Grant Thornton Baltic has been part of the Grant Thornton network of companies, represented in more than 130 countries with 60,000 employees.
