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.

Related Articles

British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1w Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1w Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2w Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2w Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

4w Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

1m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

1m Emma Smith, Managing Editor
Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

Accounting Firms Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

2m Karen Baxter, Lewis Silkin