North-east accountant posts positive figures

Turnover at Johnston Carmichael up 8% as it grows across Scotland

By David Telfer

Published:

Chartered accountant Johnston Carmichael reported full-year results yesterday which showed growth despite a challenging year for the economy.

In the year May 31, turnover at the Aberdeen-based business was up 8% from £22.6million to £24.5million, which made it not only the largest independent firm of chartered accountants in Scotland but also put it in the top 25 nationally.

During the year, the number of partners at Johnston Carmichael, which has 11 offices throughout Scotland, grew from 38 to 45 and staff rose from 385 to 417.

Chief executive Sandy Manson said: “We have seen growth in numbers in all areas. It has been a tough year but we are taking a long-term view and have continued to invest in people and facilities.

“It is particularly encouraging to report that our fee income in our Aberdeen practice continued to achieve double-digit percentage growth despite the difficulties experienced in the wider economy.

“The growth of our business in the central belt from a standing start seven years ago means that the central belt now accounts for 25% of our total revenue.

“In recent months, the merger with Duncan Young in Edinburgh and the recruitment of two new partners in Glasgow has also further strengthened our operating platform in these growing markets.”

“We are also seeing an increasing number of new clients and opportunities in the current market where the focus on quality, service and value for money is greater than ever.

“In addition we have been working closely with our clients to provide them with the support and advice that businesses need in navigating through the many issues created by the credit crunch and resulting downturn.”

The firm has moved recently to significantly larger offices in Melville Street, Edinburgh, and only last week at Cradlehall, Inverness, to accommodate growing staff numbers.

Mr Manson added: “I cannot pretend that this has been anything but a tough year in a number of respects, especially in our financial services business, where turnover fell as investor sentiment suffered in the wake of the credit crunch. While the short-term outlook remains uncertain for the economy, I remain confident but certainly not complacent that the investment we have made and continue to make in our people, processes and infrastructure will position us well for continued growth throughout Scotland.”