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.”