Solid first half for RSM Tenon

LISTED accountancy group RSM Tenon has announced a hike in half year revenues and profits and expects more of the same in the remainder of the year.

The firm, established following the £76m acquisition by Tenon of RSM Bentley Jennison in 2009, said underlying operating profits rose 53% tp £13.5m in the six months to December 31 last year.

Turnover rose 65% to £121.1m in the same period.

RSM Tenon, which has offices in Birmingham, Telford, Stoke and Worcester, said the physical integration was ‘effectively complete’. This has included 16 significant property moves and seven office refurbishments.

A one-off exceptional charge of £5.8m relating to integration was charged to the accounts in the period.

Nationally RSM Tenon said revenues in audit tax and advisory had grown 7% . Recovery was up  8%  including 3.5% organic growth. Demand for specialist taxation services was held back by the last budget statement, the company said.