PracticeAccounting FirmsStrong growth in Tenon interims

Strong growth in Tenon interims

Double-digit growth in revenues and operating profits for Tenon

Tenon Group has announced a 25% increase in profits for the second half of 2004 ‘putting behind a period of recreation and re-establishment’, according to the firm’s chairman.

Neil Johnson, said that Tenon’s ‘strong profitability and growth’ demonstrated that the firm was ‘delivering’.

‘The period of re-creation and re-establishment of Tenon is behind us and we see good opportunities to take the business forward’, he added.

The group’s operating profit was up 19% from £4.5m in the six months to 31 December 2003 to £5.4m in the same period in 2004. Profit before taxation was up 25% from £3.4m in the second half of 2003 to £4.2m in 2004.

In a statement, the listed mid-tier firm said its acquisitions of the Rochdale office and tax specialists Premier Strategies had made ‘a contribution’ to its strong performance and that it was ‘well placed for market change and further profitable growth’.

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