Interim Statement for the 6 months to 31 December 2007
Tenon Group PLC, the leading national adviser dedicated to entrepreneurs, today announces its interim results for the six months ended 31 December 2007.
Highlights
- > Entrepreneurial client focus drives another period of excellent results
- > Margins enhanced by strong performance from acquisitions, profitability initiatives and changing mix of services
- > Adjusted operating profit* - up by 44% at £8.4m
- > Adjusted profit before tax* - up by 44% at £7.6m
- > Net cash inflow from operating activities of £13.8m, significantly ahead of operating profits
- > Net debt reduced to £8.5m
- > Adjusted earnings per share* - up by 18% to 2.83p
- > All acquisitions performing well, further additions already made in second half
- > New team appointments underpin future organic growth strategy
*Before amortisation of intangibles, discontinued operations and other exceptional items
Andy Raynor commented: "The first half results clearly demonstrate our ability to grow profits both organically and by acquisition. With a balanced service portfolio, excellent financial performance and specific market positioning, we are well-placed for the future."
Enquiries
Tenon Group PLC, 020 7535 5775
Andy Raynor, Chief Executive
Russell McBurnie, Finance Director
Numis Securities Limited, 020 7260 1000
Charles Farquhar
Lee Aston
College Hill, 020 7457 2020
Richard Pearson
Tony Friend
About Tenon
Tenon is a leading provider of accounting and business advice to entrepreneurs, providing clients with expertise in Business Services, Tax, Financial Services, Corporate Finance, Recovery, Outsourcing and Forensic Accountancy. Tenon is the 9th largest UK accountancy firm with over 1900 staff UK wide. Operating through a network of 44 offices, Tenon is able to offer local expertise but with the backing of a national plc.
Tenon is a sponsor of the National Business Awards and their award category is the 'Tenon Award for Entrepreneurial Spirit'. To learn more, please visit www.tenongroup.com/nba
