LISTED accountancy group RSM Tenon, which has across the West Midlands, said it was confident of its prospects as it expected revenue to reach £250m and underlying profit to be in line with expectations this year.
In a trading update for the year to June, the firm, which has offices in Birmingham, Telford, Stoke and Worcester, expects net debt to reduce to less than £68m at year end.
It said working capital lock-up had been “substantially reduced” in the second half, with the prospects of further improvements at all stages in the working capital cycle of the business.
RSM Tenon also announced it had negotiated new banking facilities with Lloyds TSB, which included £60m loan and overdrafts, providing in total up to £88m in the 2011/2012 financial year.
The firm said: “Substantial action has been taken in order to realise the potential of the enlarged group, focusing upon the performance of all service lines.”
Chief executive Andy Raynor said: “We are intent on maximising performance from the existing businesses and are confident of prospects for the group.”
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