RSM Tenon has reported a 31 per cent growth in turnover for the year to 30 June. Profits were also up at the business, which said it will not be targeting anymore acquisitions in the near future following recent deals.
RSM, which has offices in Birmingham, posted turnover of £249.1m, up from £190.4m in the previous financial year. Pre-tax and pre-exceptional profit increased from £24.1m to £27.1m, a 12% growth.
In addition, the company said it has agreed new banking facilities of £88m and has made “good progress” in its debt reduction plan, with net debt of £65.7m at year-end.
Alan Webb, MD of RSM Tenon, West Midlands which covers two offices in Birmingham and others in Milton Keynes and Telford, said:
“The results for the West Midlands 2011 are in line with expectations and reflect our national performance. This is a fantastic achievement in what has been a difficult economic climate, and indicates that in the West Midlands, businesses are once again planning for their future, and investing in sound advice to help them grow.
“The West Midlands has a well established business community where people are looking to maximise opportunities – and with the growing expertise of RSM Tenon, we are ideally placed to assist them. What impresses me about businesses in the region is that they are resilient. It’s been a tough few years, but I am pleased to say we are seeing new confidence in the business sector.
“We have seen some significant developments and appointments in our offices in the region. In Birmingham, the new line up includes Iain Wright, director of tax who complements our drive for international work with his expertise in that field. Our international work is a significant growth area for us – and we have made some good ground over the last six months in particular. Without any doubt, our reputation is growing in that regard.
“Mel Crooks continues to lead provision of professional services into the non profit making sector. Her tenacity as driven strong growth here.
“Increased activity in corporate finance suggests there is a renewed vigour in the marketplace. We have seen a considerable increase in entrepreneurs looking to buy or sell, which is excellent news for the regional and national economy.
with a number of high profile deals over the past 12 months. Activity included a complex transaction where the Birmingham team exploited the global reach of its own network to overcome international, cultural and procedural boundaries to deliver a transaction which combined both financial due diligence and advisory work.
“We’ve got a great deal of respect for the range of West Midlands businesses which have negotiated the difficulties of the past three years through a combination of careful financial management, strenuous hard work and an enterprising attitude.”