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.

Related Articles

British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1w Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1w Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2w Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

3w Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

4w Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

1m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

1m Emma Smith, Managing Editor
Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

Accounting Firms Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

2m Karen Baxter, Lewis Silkin