Sales hit £250m at RSM Tenon
Accountancy firm RSM Tenon, which has an office in Birmingham, has secured revenues of about £250m for the year ending 30 June 2011.
According to a preliminary trading statement released this morning (14 July 2011), the firm has also negotiated new banking facilities with Lloyds TSB, providing up to £88m.
The figures were released ahead of RSM Tenon's final results on 14 September.
The firm said its revenue and underlying profit was expected to be in line with market expectations.
Net debt was reduced to less than £68m at year end, and working facilities with Lloyds TSB maintained RSM Tenon's current funding levels.
New banking facilities have now been negotiated with Lloyds TSB, which will be reviewed in June 2013.
The facilities will consist of a £60m loan and overdrafts, providing up to £88m in the 2011/2012 financial year.
In a statement, RSM Tenon said: "Substantial action has been taken in order to realise the potential of the enlarged group, focusing upon the performance of all service lines. These initiatives will be completed and reported in the group’s announcement on 14 September 2011."
Chief executive Andy Raynor added: "We are intent on maximising performance from the existing businesses and are confident of prospects for the group."
