The firm’s turnover increased to £92m, up from £55m last year. Before tax and amortisation, Tenon reported a profit of £4.3m compared to £0.7m in 2001.
The firm also promoted managing director Andy Raynor to become its chief executive with immediate effect. Its share price responded with a slight rise, though it still has a long way to go before it recovers from its recent plunge.
‘Tenon’s performance in 2002 was extremely disappointing. However, we have moved rapidly in our review process and have started to put in place changes that are necessary to improve both the group’s operating efficiencies and profitability,’ said Raynor.
Tenon today reiterated its intention to improve the company?s performance through refocussing and restructuring. ‘This action has included a reduction in staffing levels. We have also identified certain non-core and under-performing business areas from which we will be exiting,’ Tenon stated.
The company, the UK’s first listed accountancy consolidator, was created three years ago, through mergers and acquisitions of small regional firms . Today it wrote off £106m after an impairment review of its goodwill, previously valued at £190m.
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