Cautious Tenon boosted by its new additions

“The general economic climate is creating a business environment which is difficult to predict,” said Andy Raynor, chief executive.

The Yorkshireman added: “However, our balanced profile of services allows us to focus on organic development, improving returns and reducing net debt.

“By maintaining our prudent stance we look forward to further progress.”

RSM Tenon, which operates across the audit and advisory, risk management and financial management segments, said its net debt stood at £65.7m as on June 30, compared with £43.1m last year.

July-June adjusted pre-tax profit rose to £27.1m from £24.1m. Revenue was up 31 per cent at £249.1m.

The firm acquired accountancy firm RSM Bentley Jennison in 2009 and certain units of business advisory firm Vantis last year.

Analysts on average expected a pre-tax profit of £26.58m on revenue of £249.68m.

RSM Tenon consolidated its Yorkshire, North East and North West offices to create one Northern region at the start of the year and said yesterday that the benefits were already being felt.

Neil Sevitt, the Leeds-based regional director, said: “As a region we are seeing increased opportunities in the Aim market and also the manufacturing, academies and charities sectors.”

The firm has helped around 30 schools convert to academy status. It has also hired personal tax and financial management specialists.

Last month, around 25 new graduates started work in the region.

Mr Sevitt said: “This is a significant investment in new talent and indicative of the firm’s approach to its longer term development and recognises the need to continually build our workforce from within.”

The firm has offices across the UK, including Grimsby, Harrogate, Sheffield, Wakefield and Hull.