Tenon posts double-digit growth

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

‘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.

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