RSM Tenon on track after changes
REGIONAL accountancy firm RSM Tenon expects to perform in line with expectations when it reports full-year figures in September.
The firm has undergone significant changes in the past year including a £76.3m merger with Bentley Jennison in December, a step up to the stock market’s full list in May and the £6.8m acquisition of parts of the collapsed accountancy business Vantis last month.
In a pre-close trading update Tenon, which has offices in Leeds, Harrogate and Doncaster, and a network throughout the country, said the integration of these businesses was on target to complete in the second half of 2010-11.
Its recovery arm has continued to grow, increasing its market share, and the firm said it had generally seen “significant advances” against a challenging economic background. Tenon’s rate of cash generation has beaten market expectations leaving more than 40% of its bank facilities unused at the year end.
Chief executive Andy Raynor said: “RSM Tenon has generated enhanced results across its whole range of services. Strong recurring revenues, prominence in recovery and overall performance improvements have produced success in all divisions.
“Our transactions during the 2009-10 year will be integrated to make strong organic progress in future periods. The business is growth-orientated for all economic circumstances.”
The firm will announce figures for the year to June 30 on September 22.
