Turnover up 8% in last year

Johnston Carmichael to invest for long term

Sandy MansonAccountancy firm Johnston Carmichael pledged to continue investing in growth as the firm increased turnover by 8% from £36.8 million to £39.6m in the last financial year.

There was a modest increase in net profit, before members’ remuneration, from £10.75m to £11.08m.

Sandy Manson (pictured), chief executive, said: “We take a long term view of our business and we will continue to invest in all those key areas which will enable our firm to grow its capability and reputation right across Scotland.

“Food and Drink, technology and professional services are particular sectors where we have strengthened our capability to meet demand.

“We’ve taken on a record number of graduates and we continue to support our staff through training and development where we have significantly increased our already significant level of investment by 17%.  We have also made a number of internal promotions and strategic hires, so our succession plan is in good shape.”

Mr Manson added that Johnston Carmichael Wealth saw its revenues increase by 9%, reflecting both the increase in advisers and the related support team as well as the additional opportunities arising from auto-enrolment and the new freedom and choices in pensions.

“To meet demand and position ourselves for future growth, we hired three new advisers and expanded our wealth team to 50, which included the integration of independent financial advisory firm Brodie MacLean in Edinburgh.

“Our wealth business also made a significant investment in a new technology platform which will enable our clients to have ready access to real time information about their portfolios. Following the implementation by the Government of the Retail Distribution Review and the introduction of freedom over pension provision, we are encouraged by the prospects for this important part of our business.

Mr Manson explained that in 2016 Johnston Carmichael would be celebrating its 80th anniversary since its formation and that, despite all the change and growth in that time, the firm’s heritage remained very important.

“We are determined to continue to invest, innovate and continually improve every aspect of what we do for our clients and our people.  As we continue to implement our strategic plan, we will take further steps in the year ahead to ensure that we continue to play a leading role in the sector and contribute to help strengthen Scotland’s economy and communities.”

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