PracticeAccounting FirmsRSM Tenon lines up £250m revenues

RSM Tenon lines up £250m revenues

Listed firm expects revenues and profits in line with analysts' expectations

RSM TENON expects to post 2010-11 revenues of around £250m, in line with analysts’ expectations.

In a trading update ahead of its results announcement in September, RSM Tenon told the stock exchange that revenues and underlying profit should be in line with expectations.

Net debt has been reduced to less than £68m by the year ending 30 June 2011, while working capital lock-up has been reduced below 100 days “with further improvements expected”.

New banking facilities have been arranged with Lloyds TSB, consisting of a £60m loan and overdrafts and providing up to £88m in the next financial year.

“Substantial action” has been taken to utilise the enlarged group, which will be completed and reported in its results announcement.

Chief executive Andy Raynor (pictured) said: “We are intent on maximising performance from the existing businesses and are confident of prospects for the group.”

The firm’s shares traded up 1.0p to 25p in this morning’s trading.

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