PracticeAccounting FirmsSolid growth for consolidator Tenon

Solid growth for consolidator Tenon

AIM-listed accountancy firm Tenon delivers double-digit revenue increase

Tenon plc, the listed consolidator firm, said it still had potential for
further growth after delivering a 26% increase in turnover before goodwill
amortisation, terminated operations and other exceptional items.

Turnover before the exceptionals grew from £78.8m to £99.4m for the year
ended June 30 2005, while pre-tax profits before the exceptional items climbed
24% from £6.8m to £8.4m. This is in line with forecasts by KBC Peel Hunt and
Numis who predicted profits of £8.5m and £8.2m respectively.

‘In the year Tenon has improved profits and shown strength in a competitive
environment,’ said group chairman Neil Johnson. ‘We have demonstrated the value
of well-judged acquisitions… I believe there is substantial further potential
within the group and we remain dedicated to increasing shareholder value.’

Chief executive officer Andy Raynor said the group would continue to market
its business uncompromisingly as it pursued its strategy of further acquisitions
and cutting costs.

‘We will continue to promote aggressively the commercial benefits of our
advice. We will spotlight areas of specialism within our business with the
objective of gaining the greatest market presence and value,’ a bullish Raynor
said. ‘We will seek out new people and businesses of similar attitudes and
skills to join our teams. We are ready to assess all opportunities.’

Reports have suggested that Tenon may consider going private, and the group
is believed to be courting private equity and venture capital firms.

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