Johnston Carmichael, the chartered accountancy firm, saw turnover rise 4.3% year-on-year to £51.4m for the year ended 31 May 2020.
However, the group’s profit-before-tax for tax plateaued during FY20, falling 0.3% from £12.6m in FY19 to £12.5m.
Average profit for the Johnston Carmichael’s members took a larger hit during the period, falling 10% year-on-year to £217,000.
The firm attributed the fall in remuneration and profit shares to “the effects of the pandemic in the final quarter”, which also resulted in the group taking action via a 40% reduction in partner drawings in order to strengthen its “financial resilience”.
Johnston Carmichael did manage to strengthen its liquidity during FY20, beginning the year with £15.8m in net current assets and finishing it with £15.9m.
Looking ahead, the group said that it would “continue to advance” both its “skills and expertise” in FY21.
It added: “We will continue to invest in our people, adhering to a strong set of core values and ensuring that these drive our behaviours and rewards alike.
“And ultimately, we will seek to build on our reputation as a trusted advisor, with exceptional client service at the heart of everything we do.”