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February 26, 2013

RSM Tenon restructure reduces operating losses

RSM Tenon reported revenues of £88.4m in the six months to 31 December 2012, a loss of £9.8m.

While the half-year revenues were down the operating losses reduced to £0.6m, an improvement from last year’s £10.9m.RSM Tenon’s results follow a turbulent year, which saw the firm issue a profit warning in February 2012 along with a restating of accounts for the previous fiscal year.

The firm, listed on the London Stock Exchange, said that in the past 12 months it has taken significant action to reduce costs, control cash and restructure the business.

"The impact of our actions can clearly be seen in the results for the six months to 31 December 2012," RSM Tenon said.In this time period the firm has reduced its headcount by 16% mainly through natural attrition rather than redundancy and disposed of some if its service lines.

RSM Tenon chairman Tim Ingram said the firm has made significant progress in turning RSM Tenon around. "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," he added.

Chief executive Chris Merry said that markets remain tough for the firm and its services." 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."

Related linkRSM Tenon Group: Interim Results for the six months ended 31 December 2012

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