RSM Tenon “making progress”

ACCOUNTANCY firm RSM Tenon says it is continuing to make positive following a major shake-up in the business this year.

In an interim management statement, covering 1 July 2012 to 19 November 2012, chief executive, Chris Merry, said: “We continue to make progress in restoring RSM Tenon to profitability.

“With new banking facilities in place, we look forward to the future with confidence.”

But the firm admitted the market for its services continues to be challenging.

“As a result, turnover has been at the lower end of management’s expectations. However, with a continued focus on careful management of costs and as a result of the cost reduction exercise undertaken earlier this calendar year, the profitability of the group is ahead of the comparable position in the prior year and in line with management expectations,” it said.

RSM Tenon said financial management has made major progress over the last year following its period of heightened supervision with the FSA and has now moved to a business as usual monitoring relationship with the regulator, which will allow the service line greater time and focus to concentrate on its commercial trading.