Grant Thornton’s U.K. Audit Profits Plunged in 2019

Grant Thornton LLP’s U.K. audit profits fell sharply after a series of problems forced it to invest heavily into its audit arm.

In results published Tuesday, Grant Thornton said it made a profit of 1 million pounds ($1.2 million) from audits in the 18 months to January, down from 13 million pounds for the preceding 12 months. The firm invested 7 million pounds in its U.K. audit arm in 2019.

• Grant Thornton changed its fiscal year end from June to December. Overall audit revenues were 201 million pounds for the 18 ...