RSM Tenon has reported an increase in fee
income of 26% to £190.4m ($298m) in the year to 30 June 2010.

The firm’s underlying operating profit has
also increased by 38% to £26.3m before paying back its acquired
intangibles, deferred consideration interest and exceptional items
of about £15m.

These results include six months of trading
after RSM Tenon’s acquisition of RSM Bentley Jennison on 30
December 2009, which helped to generate revenue in risk management

RSM Tenon also acquired £7m of Vantis assets
in June but the estimated £27m in revenue generated through this
transaction is not included in the 2010 fiscal year-end

In July, RSM Tenon chief executive Andy Raynor
said the firm had generated enhanced results across its entire
range of services in the 2010 fiscal year.

“Strong recurring revenues, prominence in
recovery and overall performance improvements have produced success
in all divisions,” Raynor commented.

Core services audit, tax and advisory growing
21% to £89.5m in 2010.

RSM Tenon also had a good year in recovery
services generated across a range of corporate and personal
insolvency activities with growth of 17% to £51m.

The biggest revenue growth was in financial
management services of 46% to £17m.

While the firm’s acquisition of RSM Bentley
Jennison generated £14m in risk management revenue.

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