Grant Thornton’s Irish firm recorded almost 25 per cent growth last year as revenue increased to €126 million.

The accounting and consulting group recorded a 24.4 per cent rise in income, representing the best percentage performance by any of Grant Thornton’s global affiliates.

Grant Thornton’s managing partner Michael McAteer said the Irish economy is mainly to thank for the positive performance, although he added that the expansion of existing clients and the addition of new ones helped the company’s audit practice grow.

“Overall, [growth is] symptomatic of the Irish economy as a whole,” he told The Irish Times, noting that all of the company’s divisions grew in the year.

Grant Thornton announced a recruitment drive in October with plans to hire 400 new staff. Mr McAteer said that it has taken on more than 60 staff since then and its headcount stands at nearly 1,350.

Across its entire global operation, Grant Thornton grew revenues by 9.4 per cent to $5.45 billion (€4.74 billion). In Europe, revenues grew by 7.7 per cent.

In the company’s Irish unit, financial accounting and advisory services grew 53 per cent.

Similar growth is expected in 2019, Mr McAteer said, noting that the firm has also expanded by adding services in spheres including cyber security.

Grant Thornton’s record year came despite the UK’s accounting regulator deciding to investigate its audit of the financial statements of the owner of British cafe chain Patisserie Valerie.

The firm said a combination of strong markets and acquisitions in Japan and South Africa helped to boost global revenues.

Rivals PwC and Deloitte both have annual revenues in excess of $40 billion and there has been some consolidation among the mid-sized accounting groups, with BDO set to leapfrog Grant Thornton by merging with Moore Stephens. – Additional reporting: Reuters