Turnover jumps at RSM Tenon
Accountancy firm RSM Tenon has reported a 31 per cent growth in turnover for the year to 30 June. Profits were also up at the business, which said it will not be targeting anymore acquisitions in the near future following recent deals.
RSM posted turnover of £249.1m, up from £190.4m in the previous financial year. Pre-tax and pre-exceptional profit increased from £24.1m to £27.1m, a 12 per cent growth.
In addition, the company said it has agreed new banking facilities of £88m and has made "good progress" in its debt reduction plan, with net debt of £65.7m at year-end.
Andy Raynor, chief executive of RSM Tenon, said: "The general economic climate is creating a business environment which is difficult to predict.
"Having now completed the integration process and built a balanced platform, no further acquisitions will be sought as the enlarged organisation settles and demonstrates its full abilities.
"We are therefore at the point of the business cycle where we will aspire to reduce our net debt more rapidly and provide clear visibility of our financial performance, freed from the influence of acquisitions and costs of integration."
