Kingston Smith reports 13% revenue growth
21 Dec 2018
Kingston Smith has posted a 13.4% hike in revenues coupled with a similar rise in profits for the year ended 30 April 2018, which the firm said represented largely organic growth driven by investment in people and technology
21 Dec 2018
Revenues at the firm, ranked at number 19 in the Accountancy league table, increased from £45.6m to £51.7m.
While Kingston Smith said its growth has continued to be primarily organic, over the past year it has invested in the theatre and media sector, with the acquisition of boutique theatre accounting firm, Anderson & Pennington, with the aim of bolstering its dedicated offering of joined-up services on both sides of the Atlantic within the media space.
The firm has also built up its business advisory offering by investing in general data protection regulation (GDPR) experts ClearComm, and says it is ‘open to further opportunities that enhance our offering to our clients’.
Maureen Penfold, Kingston Smith’s managing partner, said: ‘This has been a very strong year for Kingston Smith, with growth across all our core service lines. Today’s figures reflect the significant investment made over the past few years in talent and technology to serve our clients.
‘We have prioritised making investments in technology to empower our people, ensure we continue to build a successful and sustainable platform and, most importantly, continue to help us save our clients time and money, to enable them to remain focused on their goals.
‘We have also invested in our people with the recruitment of two partners and the promotion of two to partner and four to director, from a total of 38 staff promoted across the business in the 2017/18 financial year.
‘In addition, we have further expanded our people support functions, including an increased focus on learning and development.’
Penfold highlighted the firm’s investment in technology, with the introduction of a new virtual desktop infrastructure and a cloud-based communication tool. These have provided a platform for a new agile working policy. Kingston Smith said it had also continued to identify and develop partnerships with leading artificial intelligence solutions to further strengthen its audit analytics offering.
Report by Pat Sweet