Julia Irvine 7 Dec 2017 04:18pm

Johnston Carmichael sees revenues rise by 7%

Scotland’s largest independent accountancy firm, Johnston Carmichael, has reported record fee income of £43.7m in the year to 31 May 2017

This is an increase of 7% overall, boosted by a particularly strong performance from the tax practice and higher demand for the firm’s financial planning services following changes to pensions regulations.

Net profits were up by 5%, from £11.6m to £12.2m.

Johnston Carmichael chief executive Sandy Manson said that he had been extremely encouraged by the firm’s results, given “some challenging trading conditions”, such as Brexit uncertainty and the lower oil prices which have devastated the North East of Scotland.

He attributed the firm’s success to its continued expansion in the range of its services and investment in talented, knowledgeable people.

“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,” he said.

“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.”

Johnston Carmichael also revealed that its international workload had grown as a result of its membership of PKF’s global network of independent firms.

The firm currently has 700 staff and partners spread across 11 locations across Scotland.

Manson said that the firm had a strong focus on the recruitment and retention of talent.

“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,” he added.

The firm’s annual revenues place it in position 20 on the list of the UK’s largest accountancy firms.