PracticeAccounting FirmsTenon posts solid interims as it prepares for full listing

Tenon posts solid interims as it prepares for full listing

Profits before tax and exceptionals hold up for Tenon

Business recovery recruitment is top of the agenda for RSM Tenon, after it
posted solid interim results.

Profit before tax and exceptional items was £8.8m for the six months ending
31 December 2009. Its tax bill for the period was £2.2m, while exceptional costs
relating to its acquisition of Bentley Jennison and an FSA investigation into
its financial services arm pushed its profit down to £1.2m.

Its profit for the same period a year earlier was £4.7m.

Turnaround and corporate recovery revenues rose to £23.2m for the period,
from £19.3m a year earlier.

Chief executive Andy Raynor said that the Bentley Jennison offices acquired
in Birmingham, Bristol and Leeds would be the focus for growth in the service
line.

“We will recruit strongly in those areas,” said Raynor.

The firm predicts that the business recovery market will stay strong for two
to three years, and the firm’s focus at the lower end of the market will see it
pick up market share when the economic recovery sees work dry up for others.

Banking facilities have been increase to give the firm breathing room for
funding acquisition and growth.

Operating margins could improve out to 15% from around 12.5% when the
integration with Bentley Jennison is complete.

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