RSM TENON’S trading is at the lower end of expectations, according to the latest interim management statement.
The firm conceded demand had flattened across all areas of the business, especially in its transactions division and it has faced challenging markets in all its service lines.
On a more positive note, specialist tax services increased in the last month and is due to continue through the second half of the financial year. However, costs are incurred during the whole year and need to be offset against the rise in revenues.
RSM Tenon said it remains competitive and is undertaking an efficiency drive, which includes better sharing of resources, careful recruitment and reducing overheads.
Organic development, cost control, debt and working capital reduction continue to be key objectives.
Chief executive Andy Raynor (pictured) said: “In markets that are difficult by any standards, we have continued to improve our competitive position, while prioritising financial control.
“We are committed to the further hard work that the current environment requires.”
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