Tenon Interim Results Reveal Rise In Profits But Fall In Revenues

Tue, 24 Mar 2009

Top 10 accounting services group Tenon has delivered mixed first-half financial results, with revenues down but profits up at the firm.

The company’s interim results, released last week, show that revenues for the six months to 31 December 2008 fell to £74.9m, slightly down on the £75.8m it made for the same period the previous year.

Business recovery revenues for the six-month period were up 43 per cent to £19.3m, while first-half operating profits rose by 7 per cent to £7.3m and pre-tax profits soared by 15 per cent to £4.7m.

Tenon chief executive, Andy Raynor commented: "These first half results underline the strength of our service portfolio and our ability to grow profits in a challenging economic environment. We expect this to continue in the second half of our financial year."

Raynor added that the firm is well placed to ride out the economic storm and cater for the hike in insolvency work, which is also expected to help growth in the second half.

"With further growth in turnaround and corporate recovery services, and tight control over our cost base and cashflows, we look forward to a successful 2009," he said.

Tenon is the UK’s ninth largest accounting and business advisory firm, with over 1,900 staff in more than 40 offices across the country.
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