Progress made at RSM Tenon

Marion Dakers
RSM Tenon yesterday heralded a “significant turnaround” as it narrowed its losses to £10m for the six months to the end of December, from £70.6m a year ago.

The audit firm, which is recovering from a string of profit warnings and a change in management in early 2012, said revenues fell 10 per cent to £88.4m as it took “aggressive action to reduce costs” and slim down the business.

“In a challenging market, we still have much to do, but the direction has been clearly set,” said chairman Tim Ingram.

The group’s shares fell 8.6 per cent to 5.76p.