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September 21, 2010

RSM Tenon reports strong growth

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 services.

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 results.

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.

Related articles

RSM Tenon’s 2010 revenue as expected

RSM Tenon acquires £7m of Vantis assets

Tenon and RSM Bentley Jennison to tie the knot

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