RSM Tenon hikes dividend as profit rises

British 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 said it raised dividend by seven 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.

The company, which moved to London's main market in May, said July-June adjusted pretax profit was £24.1m ($37.74m), 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.

Chief executive Andy Raynor said business secretary Vince Cable was not doing enough to promote commerce in the UK.

He said: "Vince Cable has made academic comments about business and competition. We want someone who is more pragmatic."