Profits rise at business advisers

BUSINESS adviser RSM Tenon Group posted a 37 per cent increase in full-year adjusted pre-tax profit, boosted by acquisition of RSM Bentley Jennison and certain assets of troubled peer Vantis.

By The Newsroom

Published 23rd Sep 2010, 13:13 BST

Updated 23rd Sep 2010, 13:14 BST

The accountancy and advisory firm, which has offices in Leeds, Hull, Wakefield, Grimsby, Doncaster and Harrogate, said it raised dividend by 7 per cent to 1.6p per share.

"Organic sales growth and margin improvements are now our key aims for 2011 and 2012," the company said in a statement.

The company, which moved to London's main market in May, said July-June adjusted pre-tax profit was 24.1m, up from 17.6m a year ago.

Turnover rose 26 per cent, to 190.4m.

The company bought professional services firm RSM Bentley Jennison for about 76m in December 2009 and some assets of Vantis for up to 6.8m in June.

Net debt at June end rose by 22m, to 43.1m, from a year ago.

RSM Tenon said it increased the bank facilities by a net of 36.5m, to 80.5m, in the year.

Shares closed last night at 56p, down five per cent.