RSM Tenon eschews acquisitions in two-year stability plan
RSM Tenon chief Andy Raynor wants to stabilise the business following its acquisitions
A two year plan has been outlined by
RSM Tenon to fully make
the most of its Bentley Jennison and Vantis office acquisitions.
Effectively ruling out mergers for the next two financial years, RSM Tenon
chief executive Andy Raynor said that “clear stability” was needed to maximise
the benefits of its acquisitions.
“It’s a practical timeframe to demonstrate what we do as a business. It’s
difficult to show [if constantly acquiring],” said Raynor.
Stability was also important for existing staff, he added, highlighting that
the acquisitions were not made to push efficiencies through cutting staff.
“We want to make sure it’s a growing business. You don’t grow the business
without people.”
The number of departures following the Vantis office acquisitions had been ”
negligible”.
The vast majority of appointments within the business during the two-year
period will be from within.
The firm today announced growth in its turnover and profits for the year
ending June 2010.
It has also moved onto the FTSE small-cap index, and appointed Frances
Gibbons as its first head of investor relations. The move onto the index
broadens the firm’s potential investor base.
RSM Tenon finance director Russell McBernie said the firm intended to lower
its net debt position of £43.1m down by around 40% over the two-year period.
Further reading:
Resources & Whitepapers
Accounting Software The power of customisation in accounting systems
RSM
Tenon boosts turnover and profits in 2010
Video:
RSM Tenon moves up to main market