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Accountancy firm defies challenges

Investment yields record income for Johnston Carmichael

Sandy Manson

Sandy Manson: ‘firm is growing despite challenges’

Johnston Carmichael, Scotland’s largest independent firm of chartered accountants and business advisers, has seen revenue rise 7% to a record £43.7 million for the year to the end of May. 

Net profit before members’ remuneration rose 5% from £11.6m to £12.2m.

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 people.

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.” 

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

Major hires across the year have included additions to the corporate finance and restructuring teams as well as a number of significant tax specialist appointments.

The business has also invested substantially in technologies to deliver its services, including the use of data analytics in audit work and cloud technology in its SME-focused offering.

Mr Manson added: “We have a strong focus on the recruitment and retention of talent which includes appointing school leavers who will study and train to be CAs through our JC Futures programme, and supporting promotions from within the business.”

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