Scotland's largest accountancy firm has continued to grow despite challenging economic conditions its financial results have revealed.
Johnston Carmichael has announced a 6% growth in fee income from £27.9m to £29.6m for the financial year ended 31 May 2012 and a growth in net profit before member's remuneration of 8% from £9.13m to £9.87m.
Sandy Manson, chief executive of Johnston Carmichael, said; 'We don't pretend that there will be any quick fix to the wider challenges for our economy however we are encouraged by the many examples of entrepreneurial companies continuing to invest and innovate and similarly we will continue to invest in our capability and expertise to serve our growing client base right across Scotland.
Manson cited the opening of a new office in Stirling, along with several key appointments within the firm's tax practice as contributing factors to the growth experienced by Johnston Carmichael. He added: 'We have also seen an encouraging level of activity for our corporate finance team especially in the North-East of Scotland which is buoyed by the oil and gas industry.
'The merger with the much respected Aberdeen firm of Ritson Smith created even more strength and depth to our practice in the North-East while we have also continued to see encouraging growth in our fast emerging central belt practice. We will continue to be open to future mergers with like-minded firms who share our professional ethos and values.'
The continued growth, together with the merger with Ritson Smith in October, means Johnston Carmichael now has 54 partners and over 470 staff in 12 locations across the country.