Tenon back in profit

The firm reported an operating profit of £2.1m for the six months to 31 December 2003, compared to the £115m loss it reported in the previous year.

However turnover has fallen to £39.1m from £42.3m twelve months ago.

The company’s share rose 0.75p tis morning (Wednesday) to 36.75.

Tenon Chairman Neil Johnson said that the initiatives the firm undertook in ‘redirecting management focus’ and restructuring its cost base resulted in the improved financial performance.

He added that Tenon would look to extend its coverage of existing specialist corporate finance, outsourcing and financial services within its national office network.

The firm also announced that Bill Davidson has been appointed to the newly-created position of chief operating officer.

The last year has been a traumatic one for Tenon – it lost both its chief executive Ian Buckley and chairman Eric Stobart, sold its Swindon office and suffered redundancies.

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