RSM Tenon profit rises; increases dividend

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

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 1.6 pence per share.

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

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The company, which moved to London's main market in May, said July-June adjusted pretax 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 the year ago.

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

Shares of the company closed at 59 pence last night on the London Stock Exchange. They have risen 55 percent since late-June and are near 10-month highs.