Johnston Carmichael invests following double-digit growth

DOUBLE-DIGIT GROWTH has been posted at national firm of the year Johnston Carmichael.

The Scottish firm saw £36.8m revenues for the year ending 31 May 2014, up 10% on the previous year. Its wealth advisory business took more than £3m, for the first time.

Net profit before members’ remuneration grew more modestly, to £10.75m from £10.57m, as the firm made what it described as “record levels of investment”. It is also open-minded to more mergers, following the Ritson Smith deal in 2012.

“Investment in our new brand, launched in late last year has also provided the firm with a more modern and dynamic look and feel under the strapline ‘Where Sharp Minds Meet’,” said chief executive Sandy Manson. “We have been delighted by the very positive way the rebrand has been received by our clients and people alike.”

The firm hired more people than ever before, taking its headcount to more than 600. “While this investment has impacted our short-term profitability, we now have an ever stronger platform from which to serve the expanding needs of our clients both at home and abroad. This will enable us to continue to pursue our ambitious vision of being the accounting and advisory firm of choice in all our markets.

“It was also a great thrill to win both the Scottish and British accountancy firm of the year titles this year and it is a great testament to the work done by our people and the passion they show for client service the length and breadth of the country.”

The PKF-affiliated firm, which was founded in 1936, saw average partner numbers of 53 during 2013/14, compared to 51 a year earlier. It won National Firm of the Year at the 2014 British Accountancy Awards.

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