RSM Tenon announces H1 underlying loss of £0.6m
BUSINESS advisor and accountants RSM Tenon has announced an underlying loss of £0.6m for the first half of its current financial year and has said it remains in its bankers considering the size of the group’s debt.
The firm, which has a major office in Birmingham, made an underlying loss of £10.9m for 2011, prompting a series of cutbacks and restructuring.
For the six months to December 31, 2012, the group’s underlying EBITDA was £1.5m (2011 EBITDA loss £8.2m). Revenue of £88.4m was down by £9.8m and operating costs at £86.9m were down by £19.5m.
Tim Ingram, Chairman, said: “The significant progress in turning RSM Tenon around is evidenced by these results. The business is now smaller, better organised and properly managed. In a challenging market, we still have much to do, but the direction has been clearly set.”
Chris Merry, Chief Executive, added: “Markets for our services remain tough and I am grateful to our clients and staff for their continued loyalty. We are delighted that the business is returning to operating profitability and now seek a period of stability to move into a growth phase for RSM Tenon.”
