Raynor steps down as RSM Tenon warns of loss

Raynor steps down as RSM Tenon warns of loss

Ex-BDO chief Jeremy Newman in as a consultant. RSM Tenon expects revenue to be 10% down in the six months to 31 December 2011

ANDY RAYNOR, chief executive of RSM Tenon, has stepped down from the company after it announced that it expects to report a loss for the six months to 31 December 2011.

In a trading update, RSM Tenon said it expects to report that revenue will be around 10% lower than in the corresponding period in the previous year.

Bob Morton has also resigned as chairman. Adrian Martin has been promoted to executive chairman. Jeremy Newman, the former global CEO of BDO International will join RSM as a consultant in an attempt to improve the company’s performance and financial position.

The company said that “pricing and similar underlying trading effects account for approximately half of the revenue decline with the balance arising from updated accounting estimates.”

“The company’s performance is clearly disappointing and my immediate priority is to instigate and execute the necessary actions to improve profitability and cash generation,” said Martin.

The company’s share price was down 28.5% in early morning trading on the London Stock Exchange.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource