RSM Tenon’s interim revenue for the six months to December 2009 was £73.5m ($109m), down 1% from the same period in 2008.
Audit, tax and advisory services were the largest revenue earners, making up 47% of total fee income. However, revenue from these services dropped 3% to £34.7m compared with the same period in 2008.
Turnaround and corporate recovery services grew by 20% to £23.2m, which the firm said was due to further investment in the service line and the recruitment of high quality people from its competitors.
Specialist taxation and financial management services both slowed – from £12.3m to £10.3m and £5.6m to £5.4m respectively.
One of the main highlights during the period was Tenon’s acquisition of RSM Bentley Jennison in December 2009, however, Bentley Jennison’s revenue was not included in 2009 results. As part of the acquisition, £40m of equity was raised and £35m of debt was put in place to fund the integration and expansion of the business.
RSM Tenon chief executive Andy Raynor said the integration was running ahead of schedule, which has resulted in cost savings of more than £10m.
“A number of our clients are already benefiting from our association with RSM International, the sixth largest global accounting network, and our increased service strength and diversification,” Raynor said.