UK consolidator Tenon has reported revenues of £151 million
($248 million) for the year to 30 June 2009, a 6 percent drop from
last year.
Corporate finance activity levels reduced 46
percent to £6.1 million as a result of the economic downturn.
Turnaround and corporate recovery services, which increased by 41
percent to £43.7 million.
Business taxation and advisory reported
revenues of £34.7 million compared to £37.4 in 2008.
Specialist tax services deceased by nearly 60 percent to £21.5
million.
Tenon, a Morison International member firm,
reported an 8 percent increase in underlying operating profit to
£19 million, although this was before amortisation of acquired
intangibles, deferred consideration interest and exceptional items.
Operating profit increased 5 percent to £14.6 million.
Morton said organic growth, through new
clients and by increasing services, will remain a central theme for
business expansion.
“Fiscal changes have created increasing demand
for tax and financial management services for the coming year,”
Morton said.
“However, the growth in the number of
corporate insolvencies is forecast to continue and our
market-leading recovery services are expected to expand
accordingly.”
