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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