Andy Raynor banks nearly £500k at Tenon

Tenon chief executive Andy Raynor saw his remuneration jump to nearly half a
million pounds in a tumultuous year for the AIM-listed firm.

Tenon’s annual report and accounts, out this week, disclosed Raynor’s salary
for the year-end was £355,000, up from £345,000 a year earlier. However, Raynor
pocketed a £125,000 bonus, compared with a £60,000 bonus in 2005.

The last 12 months have seen Tenon management undertake a strategic review
and consider a buyout of the firm, after they voiced concerns that its listing
was not doing justice to the value of the business.

However, revenue figures have picked up, to £123m from £100m, and its share
price has risen to 41p, double its value compared with six months ago.

Long-serving chairman Neil Johnson stepped down in September when its year
end results were announced, and was replaced by AIM investor Bob Morton.

Raynor said Morton’s appointment would take the business forward in its new
direction, which included a focus on its ‘entrepreneurial’ client base, and a
new incentive structure for directors based on profit growth.

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