Scottish firms are resilient as Brexit looms

THE chief executive of prominent chartered accountancy firm Johnston Carmichael, Sandy Manson, has highlighted anxiety about the prospects of a no-deal Brexit among businesses but said there has not been a significant impact on investment so far.

Mr Manson said firms in the key small and mediumsized enterprise sector in Scotland urgently need to know what Brexit will mean regarding their terms of trade and how it will impact on their ability to raise funding.

However, he said clients are showing resilience in spite of the possibility that the UK may leave the European Union on March 29 without agreeing a deal with the other current members.

“We are seeing some investment decisions being reflected on but our experience of SMES is there’s anxiety about the situation but we are not seeing a significant delay in

We are seeing some investment decisions being reflected on

investment,” said Mr Manson. He added: “Despite the Brexit backdrop we are seeing a client base that remains innovative and active.”

Mr Manson said Johnston Carmichael recorded a double-digit percentage increase in fee income in the first six months of the current year.

He was speaking after Johnston Carmichael posted a four per cent increase in revenues to £45.5 million for the year to May 31, from £43.7m last time.

The firm’s Central Belt operations grew revenues by 13% annually. Tax income rose 12%.

Profits per partner fell to £212,000 in the latest year from £222,000.

Mr Manson said this partly reflected challenging conditions in the firm’s north east Scotland heartlands. The fallout from the downturn in the North Sea oil and gas industry

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