RSM Tenon hails merger progress

RSM Tenon, the seventh-largest accountancy firm in the country, today hailed the progress it made in the second half of 2009.

The period was dominated by Tenon’s £76m takeover of RSM Bentley Jennison last December, which will lead the enlarged group to move to the main stock market later this year.

In the North West the enlarged firm has seven offices and employs more than 600 people.

Nationally, revenue from continuing activities came in at £73.5m down slightly on £74.9m in the same period last year.

Adjusted operating profit  was up £100,000 to £8.8m. At the bottom line, after one-off costs and amortisation, profitys fell from £2.23m from £6.46m.

Chief executive Any Raynor said: “‘We have again delivered profits in line with expectations whilst completing the largest acquisition in the history of the group.

“Integration plans are well advanced and provide a clear opportunity for further margin and revenue enhancement over the next 12 months.”

Peter Donnelly, regional director at RSM Tenon in the North West, said the figures created “a superb platform for growth”.

“Our recovery service line has continued to be particularly successful during this period, with turnover up 20% nationally and 27% in the North West.

“We will continue to expand this service line, maximising the opportunities following the merger, including our increased geographical coverage and the expected rise of the levels of appointments over the next two to three years.