£40m turnover barrier broken by Johnston Carmichael

GROWTH of 3% has taken Johnston Carmichael beyond £40m in revenues.

The Top 20 firm attributed the growth to £40.8m from £39.6m due to its ability to diversify in challenging markets. There was a growth in net profit before members’ remuneration to £11.6m, from £11.1m.

Sandy Manson, chief executive, said: “It’s very encouraging to report steady progress on a number of fronts despite challenging trading conditions, especially in the north-east of Scotland where the lower oil price has resulted in a significant market correction.”

Johnston Carmichael Wealth, the firm’s wealth advisory business, achieve a 13% increase in turnover, attributed to continued reform in the financial services and pensions market.

This year it has continued to grow by investing in talent advisers and growing its international work through the membership with PKF. There have also been hires across the year of specialists in technology, infrastructure, and renewables, among others.

Manson added: “Recruiting experienced hires and making internal promotions across our key business lines, while attracting high-calibre students onto our graduate training programme, ensures our succession plan is also in good shape and that makes us excited about the potential of our business for the future.”

The Scottish firm of accountants and business advisers is currently in its 80th business year and currently employs almost 700 people across 11 locations.

Manson concluded: “We are very encouraged with the progress the business has made, however, there is so much more we want to achieve as we embrace the opportunities brought by factors such as the pace of change in technology. Having a strong strategic plan in place is key to our continued growth and in the year ahead we will continue to invest and innovate.”

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