PracticeAccounting FirmsTenon on track for £100m turnover

Tenon on track for £100m turnover

Tenon's aim of turning over £100m by the end of the year looks to be well on track after interim results revealed revenues of £49.6m for the six months to June this year,

Link: Tenon delivers healthy interim growth

The results will be of comfort to Tenon chief executive Ian Buckley who had publicly declared the £100m target shortly after the creation of what was the first publicly listed accountancy based company.

The performance is well up on the same period last year when Tenon took in just £19.3m with profits before tax of just £1.2m. Profits this time stand at £6.6m with earnings per share at 3.01p rather than the dismal 0.92p 12 months ago.

Tenon’s share price rose from 55.5p on Friday last week to a peak of 58.5p by the close on Monday.

Buckley said the results demonstrated the company was now a ‘cohesive’ unit and that the profits had been made despite ‘comparatively unfavourable’ economic conditions. ‘I have always been confident but it’s jolly nice to put these profits up,’ he added.

Tenon will now work to complete some small acquisitions, consolidating the business and then, according to Buckley, the company may extend its influence abroad. ‘We will look to see if any parts of the Tenon model might be replicated over seas,’ he said.

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