PracticeAuditRevenues down but profits rise at Tenon

Revenues down but profits rise at Tenon

Turnover dips almost £1m but profits hold steady for six months to end of December

Tenon CEO Andy Raynor

Tenon interim results out this morning show a fall in revenues but a rise in
profits.

For the six months to 31 December 2008 revenues were down almost £1m to
£74.9m against the same period in the previous year when they stood at £75.8m.

Business recovery revenues for the period are up 43% to £19.3m.

Operating profits are up 7% to £7.3m while profit before tax has risen 15% to
£4.7m. Audit revenues remained static.

Tenon said it still had £19m on hand at the bank for investment.

Chief executive Andy Raynor said: ‘These first half results underline the
strength of our service portfolio and our ability to grow profits in a
challenging economic environment. We expect this to continue in the second half
of our financial year.’

More to follow.

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