PracticeAccounting FirmsTenon prepares for annual results

Tenon prepares for annual results

Shareholders of Tenon, the listed consolidator, are bracing themselves for next week's annual results, which will show the company made no profit in the last six months of 2002.

Link: Tenon staff shocked by redundancies

Due on Wednesday, the results will follow a plunging share price, the resignation of chief executive and chairman, and a dire profits warning.

The saga also saw the entry of Bob Morton, a former partner at Morton Thornton, whose family investment trust, Southwind, became the largest shareholder in Tenon.

Morton denied he was interested in becoming chairman at Tenon, even though he holds the post at several other AIM-listed companies where Southwind has large shareholdings.

Morton said the new management team was ‘well capable’ of doing what was necessary to get the company back on course. ‘They will get my total support,’ he added. Tenon’s share price currently stands at a round 9.25p, down from its peak at the end of 2000 of 183.5p.

The price of shares in other consolidators has remained relatively stable by comparison. Numerica’s peaked at around 122.5p at the beginning of last year, but has been trading at about 87.5p for some time. Vantis reached 95.5p just after launch, but was stable at around 84.5p this week.

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