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February 22, 2011

RSM Tenon reports 65% increase in interim revenue

RSM Tenon has said its interim results were £121.1 million ($195.7) for six months ended 31 December, a 65% increase from the same time last year.

Incresed work in progress has however pushed the firms share prices down by 18% as the results were announced.

RSM chief executive Andy Raynor said as far as the firm is concerned they have the majority of this business on track and that they are delivering a substantially enhanced business.

Raynor has also emphasised that there is a high level of uncertainty about the UK economy.

The results are a reflection of the acquisition of RSM Bentley Jennison at the end of 2009 and parts of Vantis in 2010 and overall organic growth of 3.5%.

RSM Tenon has increased its audit, tax and advisory revenue by 7%.

Raynor said the firm has grown both in turnover and profitability of the group.

“In an economy and marketplace that is increasingly uncertain in outlook, vital to the future are our recurring client base, complementary service lines, better use of resources, and strength from scale,” Raynor said.

RSM Tenon reported £190 million in revenue for the year-ended 30 June 2010 according to the latest International Accounting Bulletin UK survey.

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