PracticeAccounting FirmsTenon shares continue to slide

Tenon shares continue to slide

Shares in Tenon, the UK's largest accountancy consolidator, have this morning slipped to a new record low of 82.5p, after it issuing a profits warning on Friday.

The AIM-listed group, warned 2001 profits would be a fraction of what the market was expecting. The value of its stock plummeted following the announcement, closing at a then new low of 85p.

Today the slide has continued, with 30p wiped off its share price from before the announcement, falling to less than half its record high of 174p, some 12 months ago.

Profits for 2001 will be between Pounds 500,000 and Pounds 1m against an expected Pounds 6m. Results for the year ending 31 December, are due to be released in late February.

Meanwhile, shares in rival AIM-listed accountancy group Numerica appeard to be relatively unaffected by the news, with its stock falling just 1p to 113.5p.

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