Johnston Carmichael, Scotland’s largest independent firm, has posted a 10%growth in turnover this year, but heavy investment in staff meant profits remained largely flat.

The Aberdeen-based firm, which is also a member of PKF International,

saw turnover increase from £33.4m to £36.8m for the year ended 31 May 2014. However, there was only a modest rise in net profit before member’s remuneration, which is up to £10.75m compared with £10.57m last year.

Sandy Manson, chief executive of Johnston Carmichael, said: ‘The last financial year was one of record investment in our business. We hired more people than ever taking our total headcount to beyond 600. While this investment has impacted our short-term profitability, we now have an ever stronger platform.’

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