Acquisitions drive Tenon's growth

Acquisitions have boosted growth for entrepreneurial advisory firm Tenon,
which posted a pretax profit of £6m in its interim results out today.

Adjusted operating profit rose from £5.9m to £8.4m, while revenue from
continuing activities rose from £73.7m to £75.8m.

The turnaround and corporate recovery division was the biggest growth area.
Boosted by the acquisition of Haines Watts Business Recovery earlier this year,
unaudited figures showed an increase of £5.5m from the same period last year.
The company says recovery now accounts for over 20% of current annualised
activity.

Chief executive Andy Raynor was bullish on the firm’s outlook. ‘The first
half results clearly demonstrate our ability to grow profits both organically
and by acquisition. With a balanced service portfolio, excellent financial
performance and specific market positioning, we are well placed for the future,’
he said.

In line with the AIM-listed company’s ambitious push to achieve a £250m
turnover by the year 2012, it has made a number of executive appointments in the
past year.

Today it announced the appointment as finance director of Russell McBurnie,
who joined in 2005 as group financial controller. He replaces Lesley Spencer,
who is stepping down due to impending maternity leave.