Johnston Carmichael reports record turnover despite challenging marketplace

Sandy Manson

Johnston Carmichael reports record turnover

Chartered accountants and business advisers, Johnston Carmichael, has achieved a 7% growth in turnover after generating record revenues of £43.7m in its 2016/17 financial year ending 31 May 2017.

The firm, which has 700 staff and partners across 11 locations, attributed its growth to a continued expansion in the range of its services and investment in talented, knowledgeable people.

The firm’s tax practice, comprising specialists across a range of areas from international tax, R&D and entrepreneurial taxes to private client, trust, succession and capital taxes planning, experienced particularly strong growth. There was also increased demand for financial planning services as provided by the expanding Johnston Carmichael Wealth team, following changes to pensions regulations.

The financial results posted by the firm saw revenues across the group grow by 7% from £40.8m to £43.7m, with net profit before members’ remuneration rising 5% from £11.6m to £12.2m.

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. Over the past six months, we’ve leased extra office space in both our Glasgow and Edinburgh offices as we continue to grow our services and invest in talented advisers to meet ever-growing client needs.

“Our teams throughout Scotland work closely with clients of all shapes and sizes to really understand their businesses and the opportunities and challenges they face, whether they are starting up, growing internationally, or sustaining their position in the market against a fast changing landscape.”

Johnston Carmichael has also grown its international work through its membership of PKF – a family of legally independent member firms operating in 150 countries.

Sandy Manson added: “Having a strong strategic plan in place is key to our continued growth. In the year ahead, we will continue to invest and innovate in all areas of our business, harnessing the best of available technologies to make our business as digital and efficient as possible, so that we continue to play a leading role in the sector and contribute to Scotland’s economy and communities.”