Tenon’s recovery team underpins 34% profit growth

Tenon has grown underlying profits by 34% to £17.6m for the year ending 30
June 2008 with turnover up 17%, boosted by its personal and business tax advice
teams, and recovery services.

Business tax and advisory revenues grew to £37.4m, with personal financial;
advice and taxation up to £53.4m. However recovery services grew to £30.9m,
representing 19% of the firm’s revenues compared to 14% a year earlier.

‘Our classic entrepreneurial clients runs his or her business in a deeply
personal manner and takes rapid decisions to protect their position. By matching
this pace and commitment, we have further embedded our relationship with many of
our clients,’ said chief executive Andy Raynor.

The underlying profit figure does not take into account amortisation or
exceptional items. The firm faced nearly £3m in amortisation costs relating to
revaluation of intangible assets, and a £1m hit for costs relating to
integrating new acquisitions.

More to follow.

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