Johnston Carmichael look to expand in central belt
3 Jul 09
Sandy Manson, chief executive of Johnston Carmichael, says it is on the lookout for further acquisitions, after unveiling an 8 per cent rise in turnover in the year to the end of May
The firm grew its total fee income to £24.4m, and Manson, pictured left, says it is "open to discussion" with potential merger partners in Glasgow as the company looks to maintain that growth.
While the increase was driven by organic growth, Manson noted that turnover in the last three months of the year had been boosted by the takeover of Duncan Young, a three-partner firm with offices in Edinburgh and Fife.
He noted that the increasing demands imposed by the growing regulatory burden and the needs of clients might prompt the owners of some smaller firms to sell up.
While the firm will be open to opportunities to expand its geographic presence, Manson said partners were braced for conditions to remain challenging.
"It is tough out there," he said. "In terms of the year ahead, we will have to see how the market develops. It is very uncertain.”
The company grew revenues from audit and assurance work and tax. Demand for outsourced services like payroll and management accounts preparation increased as clients looked for efficiencies.
However, the corporate finance division was affected by the slowdown in deal activity.