RSM Tenon confident on future
LISTED accountancy group RSM Tenon has announced a hike in half year revenues and profits and expects more of the same.
The firm, which has five offices across Yorkshire, said underlying operating profits rose 53% to £13.5m in the six months to December 31 last year. Turnover rose 65% to £121.1m in the same period.
Created by the merger in late 2009 of Tenon and RSM Bentley Jennison, RSM Tenon 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.
Neil Sevitt, director for the Northern region, commented: “The past six months has seen some significant change for RSM Tenon locally. The North West, Yorkshire and North East have formed the enlarged Northern region and, therefore, our combined skill set represents a major opportunity for continued growth and development.”
He said that although the economy ‘remains very challenging,’ the firm is well placed for future development. Demand for corporate recovery advice is still strong, while activity levels in corporate finance and tax are increasing.
“We act for a large number of wealth creators and with our focus on the local marketplace coupled with the increase in taxation rates, and the uncertainty of the Chancellor’s Budget, this provides us with substantial opportunities for our tax, advisory and wealth management teams.
“We are looking forward to driving the business forward through 2011 by focussing on our key markets and delivering high quality service to our client base.”
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.
