Revenues down but profits rise at Tenon
Turnover dips almost £1m but profits hold steady for six months to end of December
Tenon interim results out this morning show a fall in revenues but a rise in
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.