BusinessCompany NewsTenon’s Raynor aims high with £250m target

Tenon's Raynor aims high with £250m target

Tenon chief executive Andy Raynor has laid down a bold growth strategy for the AIM-listed accounting firm with a plan to expand revenues to £250m in the near future

If the £250m target is to be met, Tenon will have to almost double the
revenues it reported last week, which were 12% up at £137.1m for the year to the
end of June 2007.

Should Tenon hit the target, the company could leapfrog PKF, Smith &
Williamson and Baker Tilly in the current revenue rankings to become the seventh
largest accounting firm in the country.

Raynor said he had ‘outstanding confidence’ in the Tenon business model.
‘This is a rapidly growing market and within the near future we should be
hitting revenues of £250m,’ Raynor said.

The bullish mood at Tenon is in stark contrast to the spirit within the
company a year ago, when the business was struggling with a stagnant share price
and forced to undertake a strategic review.

Since then, Tenon has undergone a remarkable transformation. In addition to
double-digit revenue growth, Tenon’s share price has climbed by more than 90% to
60p a share over the past 12 months.

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