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May 16, 2012

RSM Tenon cuts its specialist tax service

RSM Tenon is to cut its specialist tax service line following the government’s general anti-avoidance rule announcement.

RSM Tenon said in its Q3 interim management statement that the move will have a limited impact on revenues in the current fiscal as most of the earnings came in prior to the government’s budget statement.

The firm also said its immediate actions to reduce cost and restore margin strategy put in place following a profit warning in January is being put into action.

“Our programme to achieve annual employment cost savings of approximately £14m is well under way, with approximately 75% of the targeted savings already secured.  We expect to have substantially completed the programme by June 2012 and to achieve savings in excess of our original estimate,” RSM Tenon said.

It was announced last month that RSM Tenon’s chairman Adrian Martin is to step down and the firm said that the process of finding a replacement is still under way.

The firm has undergone a troubled period and at the end of February after reporting a 9.3% drop in revenues to £107.8m in the six months to 31 December 2011.

As a result of the slump Chris Merry was appointed chief executive after his predecessor Andy Raynor and chairman Bob Morton resigned.

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