For the six months to June 2002 turnover at Tenon grew to £49.6m, compared to the £19.3m registered for the same period last year. As a result profits improved substantially, growing to £6.6m – an operating margin of 14.8% – dwarfing the £1.2m profit registered in the first six months of 2001.
The results will be a significant boost to Tenon, which revealed poor end of year results in March with profits of £678,000 on revenues of £55m.
The strongest areas of growth in 2002 were in business services and related taxation, which grew from £11m to £25.3m, corporate finance – £1.1m to £5.1m, and corporate recovery and insolvency – £3m to £9.6m.
Tenon chief executive Ian Buckley said the results demonstrated ‘significant progress achieved in the first six months of the year’.
He added: ‘The level of profitability achieved in comparatively unfavourable economic conditions clearly indicates the success of our strategy of offering a wide portfolio of professional services to our clients.
‘We intend to build on these achievements and remain confident of maintaining momentum and profitability in the second half and beyond.’
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
Hundreds of jobs are secure after Spectrum Contracting has been sold out of administration to Minstrell Recruitment by FRP Advisory
Cowgill Holloway and Warings Business Advisors have merged, with a range of growth plans in the North West put in place
The Practitioner discusses their timesheet militancy, and reaction to someone playing it fast and loose with the details...