Tenon 'well-placed', says bullish Raynor
AIM-quoted mid-tie r firm confident about the future as revenue from recovery services up 30% year-on-year
AIM-quoted mid-tie r firm confident about the future as revenue from recovery services up 30% year-on-year
Tenon’s most senior figure has said the AIM-quoted firm is riding out the
‘challenging economic conditions’ and is well-placed to cater for increased
demand.
The group’s recovery and related services revenues will be up more than 30%
for the 12 months to 30 June 2009, compared to the previous year, the firm said.
The firm will release it annual results on 16 September.
In a trading update released today, Andy Raynor said: ‘Tenon has maintained
its long-term track record of delivering profits to expectations and has
overcome challenging economic conditions. The business is well-placed to take
advantage of new opportunities that we have identified for the future.’
Like many other firms, Tenon had to implement cost-cutting initiatives
including staff redundancies as the financial crisis took its toll, but said it
was now in a more stable position.
‘The group’s underlying profits are in line with the expectations set prior
to the global financial crisis and the onset of the UK recession, clearly
demonstrating the resilience of the portfolio of services offered and our
predictable recurring income streams,’ the firm said.
Its prospects for the next financial year were encouraging, with the reduced
cost base in place and continuing rapid growth in the recovery division.
The firm is also experiencing increased interest in tax and financial
planning services, it added.
More about:
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWilkins Kennedy's damaging damages payout; RSM Tenon complaints and fine; and KPMG cuts partner payouts - on the latest Friday Afternoon Live Read Mor...
View articleWith law firm Gateley set for an IPO, it should be very mindful of the problems faced now-extinct accounting firms that had taken the listed route Rea...
View articleGroup figures take in six months post-Tenon merger Read More...
View articleLaurence Longe talks life for Baker Tilly 12 months on from RSM Tenon deal Read More...
View articleBaker Tilly sells employee benefits business to insurance broker Arthur J Gallagher & Co Read More...
View articleBaker Tilly will become RSM International's UK member firm later this year Read More...
View articleRSM Tenon's Chiltern Street office closes with 300 staff moving to Baker Tilly’s Farringdon practice Read More...
View articleFormer RSM Tenon CEO Chris Merry and CFO Adrian Gardner both officially step down Read More...
View article