Tenon, under the leadership of new chairman Bob Morton, has posted double-digit growth for the year ended 30 June 2007

The AIM-listed accounting firm saw pre-tax profits rise 21% to £12.4m and grew turnover on continuing operations by 12% at £137.1m. Like-for-like turnover was 18% up and operating profit climbed by 9% to £13.4m.

The results mean that Tenon has now grown pre-tax profits by 90% over the past three years.

The good results saw the board increase the group's dividend payment by 20% to 1.2p per share.

Morton said Tenon had benefited by targeting UK entrepreneurs, a market that still held massive growth potential.

'We will continue to extend our existing services and territory. Using our large recurring client base and high value specialisms, we target the growing population of UK entrepreneurs, of which we currently service only a small proportion,' Morton said in Tenon's results announcement.

Chief executive Andy Raynor, meanwhile, said the Tenon was still on the look-out for acquisitions, even after making six acquisitions over the past year.

'We have the management capacity for more and we will continue to explore further opportunities as they arise, whilst making sure our new offices have the benefit of full and rapid integration,' Raynor said.

Tenon shares were up 5.7% at 60.5p following the results announcement.

Further reading:

Read more on Tenon's results