Insider Media Limited

RSM Tenon, the business adviser with offices throughout the East Midlands, has reported its tenth successive year of growth. For the year ending 30 June 2010, turnover was up 26 per cent to £190m, while profits rose 38 per cent to £26.3m. The results come after a year in which the firm merged with RSM Bentley Jennison and bought parts of the former Vantis business.

It also moved to the main market of the London Stock Exchange in May this year.

“This financial year has been a defining period in the history of RSM Tenon, a time of positive transformation and growth. This tenth successive year of underlying profit growth has also included two substantial acquisitions, a move to the main market of the London Stock Exchange and also the launch of new branding which all combine to put RSM Tenon in a positive position for future organic growth,” said Alistair Wesson, managing director of RSM Tenon in the East Midlands.

“In December 2009 we completed the merger of RSM Bentley Jennison, a business almost half the size of Tenon Group. This transaction marked a seminal point in our development as it brought two complementary businesses together and a precise market focus.

"Other benefits included enhanced brand presence, new territories for specialist services, extended representation throughout England and Wales and the exclusive membership of RSMI, an international network of which RSM Tenon is the second largest member worldwide. In June 2010, we also acquired certain parts of Vantis which enhanced our geographical spread and doubled our Leicester presence, adding 70 people to the East Midlands team."

Wesson said the company’s objective has always been to identify profitable markets, respond, adapt and provide the services needed for success. He revealed the recovery services line has trebled in size in the last four years and now boasts a turnover of £51m nationally, an increase of 17 per cent on 2009. This growth now makes RSM Tenon the largest commercial provider of bankruptcy services in the UK and a close second in the volume of corporate assignments.

Risk Management services, which is predominantly in the public sector, has added a further £13.7m to RSM Tenon’s total fee income. “This service line was added to our portfolio after the merger with RSM Bentley Jennison and is strongly represented within the Nottingham office,” said Wesson.

The two transactions have seen a significant impact on the East Midlands offices, adding more than 110 staff and total turnover of approximately £8m on an annualised basis.

Wesson concluded: “Combining our careful choice of market with a portfolio of services that provides stable and recurring revenues across the economic cycle means our expectations for the future are positive despite the continued upheaval in the UK economy."