RSM Tenon hails second half 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.

The firm’s Yorkshire operations are centred at Wellington Place in Leeds where key partners include Neil Sevitt and Mark Eardley.

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 Andy 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.