RSM Tenon’s interim revenue for the six months to
December 2009 was £73.5m ($109m), down 1% from the same period in
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.