Johnston Carmichael posts turnover hike

Scots accountancy heavyweight Johnston Carmichael has reported record turnover despite what it described as a “challenging” marketplace.

The firm, which was founded more than 80 years ago and has some 700 staff and partners across 11 locations, posted a 7 per cent hike in revenues to £43.7 million for its financial year ending 31 May. Net profit before members’ remuneration rose 5 per cent from £11.6m to £12.2m.

The tax practice experienced “particularly strong growth”, while there was increased demand for financial planning services as provided by an expanding Johnston Carmichael Wealth team, following changes to pensions regulations.

Chief executive Sandy Manson said: “It’s extremely encouraging to report that the firm continues to grow and develop despite some challenging trading conditions including the uncertainty surrounding Brexit and lower oil prices which continue to affect the North-east.

“Our expansion in the Central Belt has bolstered and protected the business from regional variations and really helped us to maintain a healthy level of growth.”

The firm has also grown its international work through its membership of PKF – a network of legally independent member firms operating in 150 countries. Johnston Carmichael recently hosted a major PKF conference in Edinburgh attended by more than 180 members of the network from around the globe.

Manson added: “Having a strong strategic plan in place is key to our continued growth.” 0 Sandy Manson – results are ‘extremely encouraging’