The firm’s latest financial results report an increase in revenues for the group from £39.6m to £40.8m and a growth in net profit before members’ remuneration from £11.06m to £11.61m.

The firm said diversification had played a key part in maintaining its top 20 position. Johnston Carmichael Wealth, the firm’s wealth advisory business, achieved a 13% increase in turnover, attributed to continued reform in the financial services and pensions market which has offered greater opportunities to support clients through change. It has also grown its international work through its membership of PKF.

Sandy Manson, Johnston Carmichael’s 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.

‘Our decision to expand across the central belt over ten years ago has allowed our business to better deal with the regional impact of economic cycles.’

Founded 80 years ago, the firm employs almost 700 people across 11 locations. Over the year it brought in a new team of specialists in infrastructure and renewables, as well as expanding the firm’s capability in consultancy, internal audit, R&D and capital allowances.

Manson said: “We’re a people-focused business and having exceptionally talented and motivated teams supporting our clients is what makes it possible for us to continue the growth of the business, even through challenging times.’

‘We are very encouraged with the progress the business has made in growing our brand and capability across all our markets however there is so much more we want to achieve as we embrace the opportunities brought about by factors such as the pace of change in technology.’

Johnston Carmichael are part of PKF UKI as a member constituent. PKF UKI are ranked eleventh in Accountancy’s Top 75 survey.