PracticeAccounting FirmsTenon delivers healthy interim growth

Tenon delivers healthy interim growth

Listed accountancy consolidator Tenon has revealed healthy interim results with turnover more than doubling on the same period last year, and before tax profits improving almost six-fold.

Link: Tenon determined to bury ‘disappointment’

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.’

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