Prioritising people, innovation and cashflow bolsters firm amid Covid
LEADING accountancy and business advisory firm Johnston Carmichael has published its annual results for the financial year ending 31 May 2021, showing growth despite the challenges of the pandemic.
Compared with the previous financial year when profitability was adversely impacted by COVID, turnover rose by 6.2% to £54.6m after the business placed a firm focus on resilience and demand for its services increased.
According to its annual results, a range of measures were taken to protect the firm from the economic uncertainties posed by the pandemic.
Partners reduced drawings and deferred pay-outs to protect cash flow while further digitisation was adopted to standardise and streamline processes. Increased use of technology has not only enabled the business to achieve new ways of working, but it has also helped to realise its ambitions of future proofing the firm.
A strong emphasis was placed on employee engagement following the challenges of working from home. The business established “office of the future” working groups to explore new working patterns and support a positive culture among its people. It has now committed to a hybrid working environment where employees are able to decide based on business need how often they need to be in the office.
In addition, the firm is continuing to invest in the learning and development of its people, rolling out the JC Academy which provides a library of learning opportunities, an inhouse Leadership Programme, and through its membership of Moore Global accessing international professional learning resources.
The firm also reshaped and strengthened its sector focus to harness its specialist knowledge and offer enhanced support across key markets. It continued to provide real-time updates on the pandemic with timely advice.
CEO Andrew Walker said: “It has been an extraordinary year and like our clients we have faced challenges brought about by the pandemic, but I am extremely proud of the way our business has gone above and beyond to deliver high quality work, adding value for our clients as they navigate the economic recovery.
“Being recognised as trusted advisers, is only possible due to the drive and determination of our exceptional people.
“We are a people business. Having the right people and skills is crucial to our future success, but importantly it also creates opportunity. Thanks to the great talent we have in Johnston Carmichael we were able to promote 60 people across the firm last year and hire 100 students – a record number for the business. We will continue to invest in learning and development to ensure our people and partners are the best they can be.”
