Grant Thornton still sees reasons to be optimistic despite posting a 4.1 per cent fall in revenues over the last financial year.
According to the UK's fifth-largest accountancy firm, its performance was solid in spite of the overall decline.
The company pointed to several areas where it had done well, including its recovery and reorganisation arm which, along with its forensic services, posted double digit growth.
Income from audit fees also increased by a more modest 3.4 per cent.
Scott Barnes, the company's chief executive, did admit that the firm had not been in the best shape going into the recession and had it started its rationalisation efforts earlier then performance would have been better.
Earlier this year, Ernst and Young revealed that its global revenues fell by 0.2 per cent on 2008's results in local currency terms.
The company was also pleased with its efforts in the face of the economic downturn.
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