John McArthur

Turnover rose from £13 million in 2019 to £14m in the year to February 29, 2020, The Courier reports.

Pre-tax profit, meanwhile, dropped from £3.7m to £3.5m over the same period.

Commenting on the annual report, designated member, John McArthur said: “Growth was achieved on both the commercial and private client sides of the business, supported in part by recent expansion in the housebuilding team and the arrival mid-year of the private client team from Clyde & Co.

“In spite of this modest expansion in headcount, the firm’s overall operating performance continued to match the productivity gains achieved the previous year.

“Operating costs rose principally through investment in additional staff.

“Overall, the business performed well notwithstanding a backdrop of considerable political turmoil and economic uncertainty in the UK, deriving principally from the UK government’s negotiations in relation to Brexit.”

He added: “Looking ahead, after a resilient start to the new financial year under lockdown and notwithstanding widespread uncertainty on the longer term economic impact Covid-19 will have, the firm has put in place a number of measures to underpin our financial strength for the medium term.

“We are therefore confident that with these measures, the sector focus of our business and our strong financial position, we can meet the significant challenges ahead with confidence.”