Kingston Smith reports 13% revenue growth driven by investment in people and technology
Top 20 UK accountancy firm Kingston Smith today announces its full year results for the year ended 30 April 2018. Revenue increased by 13.4% from £45.6 million to £51.7 million, 10% representing organic growth. Profits also grew by 13.4%.
Maureen Penfold, Kingston Smith’s Managing Partner, said: “This has been a very strong year for Kingston Smith, with growth across all our core service lines. Today’s figures reflect the significant investment made over the past few years in talent and technology to serve our clients.
“We have prioritised making investments in technology to empower our people, ensure we continue to build a successful and sustainable platform and, most importantly, continue to help us save our clients time and money, to enable them to remain focused on their goals.
“We have also invested in our people with the recruitment of two partners and the promotion of two to partner and four to director, from a total of 38 staff promoted across the business in the 2017/18 financial year. In addition, we have further expanded our people support functions, including an increased focus on learning and development. Combined, these investments will help us meet the needs of our clients and our people more effectively, as we continue to focus on helping them manage change.”
Investment in technology
The past year has seen further notable investment in technology, with the introduction of a new virtual desktop infrastructure and a cloud-based communication tool. These technologies provide a platform for our new agile working policy which, as well as providing employees with greater flexibility to enhance their work-life balance, enables them to deliver client services consistently, regardless of their location.
We have also continued to identify and develop partnerships with leading artificial intelligence solutions to further strengthen our audit analytics offering. The continual development of such services will enable Kingston Smith to add more value to clients, which in turn will help future-proof the firm in the face of new challenges to the profession.
Growth has continued to be primarily organic, measured and carefully structured to ensure a breadth of talent and experience. Over the past year we have invested in the theatre and media sector, with the acquisition of boutique theatre accounting firm, Anderson & Pennington, bolstering our dedicated offering of joined-up services on both sides of the Atlantic within the media space.
We have also strengthened our business advisory offering by investing in General Data Protection Regulation (GDPR) experts ClearComm, and a strategic advisory offering, enabling clients to benefit from additional business services all under one roof. We are open to further opportunities that enhance our offering to our clients.
Our traditional services – audit, assurance and tax – have also expanded with key recruitment and technological change.
Our commitment to innovation was recognised at the British Accountancy Awards, where we received the award for Large Firm Innovation of the Year. The award celebrates our unique, bespoke data analytics solution, which offers clients greater control and clarity over their businesses through real-time advisory.
We were also ranked number one, once again, for charity expertise in Charity Finance’s 2018/19 Audit Survey. Maintaining the top spot for overall service among the top 20 charity specialist firms reflects our commitment to the charity sector as a whole.