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July 13, 2011

RSM Tenon to hit £250m revenue target

RSM Tenon is in line to meet its target of £250m ($403m) in revenue for fiscal year ended 30 June 2011, confirming market expectations.

In a pre-close trading update ahead of issuing its results on 14 September the firm said net debt was reduced to less than £68m by its fiscal year-end.

The firm also said that working capital lock-up had been reduced from 105 to 100 days, with further improvements to be expected.

RSM Tenon negotiated new facilities with Lloyds TSB consisting of a £60m loan and overdrafts, providing a total of up to £88m in the next financial year.

“We are intent on maximising performance from the existing businesses and are confident of prospects for the Group,” RSM Tenon chief executive Andy Raynor said.

According to the International Accounting Bulletin UK survey, RSM Tenon reported £190 m in revenue for the year-ended 30 June 2010.

RSM Tenon acquired RSM Bentley Jennison at the end of 2009 and parts of Vantis in 2010.

 

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