25 May 2012

Board reshuffle at RSM Tenon

23/01/2012 Miles Nolan

Chairman Bob Morton and chief executive Andy Raynor have stepped down as directors at troubled accoutancy firm RSM Tenon (TNO).

Tenon has also warned that, further to its trading update last month, it has continued to suffer from price pressures despite winning 'significant' new mandates. In addition, due to the tough economic climate it has witnessed a dip in transaction based revenues as deals dry up.

The second half is traditionally stronger for Tenon, but it has endured a 10 per cent dip in sales which will lead to a trading loss as it has a high proportion of fixed costs. Senior non-executive director Adrian Martin is to become executive chairman and new finance director Adrian Gardner is conducting a full financial review.

Tenon argues that it continues to trade within its £88 million banking facilities, but has limited headroom. There is also the likelihood of non-cash restatements for its accounts to 30 June 2011, as well as additional charges for the six months to December.

To help stabilise activities, former senior BDO employee Jeremy Newman is to join Tenon as a consultant. We urged investors to steer clear following a warning in December which clipped the shares by 29 per cent to 9.25p. The price has again collapsed to just 5.75p this morning. Avoid.

Tags: Board reshuffle, High debts, Loss making, New management

Sector: Financial Services

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