RSM Tenon plans staff cuts

Advisory and accountancy group RSM Tenon is planning staff cuts as its costs rise, as it confirmed it had made a loss in the first half of its financial year. In the six months to 31 December, the company saw revenues fall 9.3 per cent to £107.8m. Taking into account a goodwill payment of £60.7m, the company’s overall loss on continuing operations came to £70.6m, compared to a loss of £1.9m in 2010. But chief executive Chris Merry attempted to reassure investors by pointing out that the company sees the majority of its revenues and cash generation in the second half of the year.