Profits at Scotland’s largest independent firm of accountants and business advisers have topped £10million following its merger with a rival in Aberdeen.
Johnston Carmichael announced continued growth in revenues last night, with turnover up from £29.6million to £33.4million in the year ending May 31.
This yielded a profit – before member’s remuneration – of £10.57million, up from £9.87m.
The accounts are the firm’s first since it merged with Ritson Smith, further strengthening its position in the north-east.
“These are encouraging results, achieved in what remains a challenging market but we now see clear signs of confidence slowly returning across Scotland,” said Sandy Manson, the company’s chief executive.
“Throughout these past five years of economic volatility we have continued to make significant investment in our business and this strategy will continue going forward. The continued increase in revenues is all down to our committed and client-focussed team operating from 11 offices throughout Scotland.
“Our people continue to provide clients with unparalleled local access to significant industry and technical expertise aimed at helping grow their businesses. Our strategy of attracting and retaining people of the highest calibre to take our business forward to the next level continues to pay dividends.
“Over the last year we have recruited a significant number of people and we will continue in our pursuit of the very best talent.
“The performance of our wealth advisory business, Johnston Carmichael Wealth, has also made an important contribution to our results this year. The recent appointment of Craig Hendry and Mike Clark to the posts of managing director and chairman, respectively, together with a number of key adviser hires is aimed at further growing this part of our business.”
Mr Manson also paid tribute to the impact the Ritson Smith deal has had. He added: “These results follow the successful 2012 merger with the respected firm Ritson Smith which has proved to be an ideal fit in terms of our professional ethos and values. Going forward we will continue to be open to future mergers.
“In September we were delighted to join the globally recognised and respected accountancy network PKF International, a move which will help further strengthen our international credentials and capability.
“Our membership of PKF will enable us to support the growing number of clients who are expanding their operations internationally.
“The opportunities for Scottish companies abroad are very considerable indeed.”