Raynor confident as Tenon post £74.9m half-year revenues
Tenon's chief executive says company is well placed to cater for insolvency hike after reducing cost base
Tenon chief Andy Raynor has said the firm is in a good position to ride out
the economic storm and cater for the hike in insolvency work after taking steps
to reduce its cost base and start an efficiency drive.
The firm has just posted half-yearly revenues of £74.9m, slightly down on the
£75.8m it made for the 6 months to 31 December 2007, suggesting it has balanced
out the peaks and troughs in activity hitting the profession’s service lines.
Raynor said: ‘We’re doing pretty well. Our business recovery arm has grown
nearly 43% compared to the 6 months to 31 December 2007. 20% is organic growth,
but the division now accounts for 26% of turnover to the half-year.’
Raynor added that there were no more
redundancies
in the pipeline because the firm had taken the necessary steps at the right
time.
‘It was pretty well-publicised that we took some action, but we don’t
anticipate taking any further,’ he said. ‘We thought that we could make
efficiencies across the board. We took a root and branch review, because I think
it would have been very wrong to take a knee-jerk reaction.’
An increase in business recovery work has made up for the slump in corporate
finance jobs and strategic changes to its personal financial advisory division,
Tenon added.