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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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