RSM Tenon revenue down £20m after 'disappointing' year

RSM Tenon Group has posted revenues down 8.8% to £208m after a "really tough" year which saw 400 staff made redundant.

Its results for the year ended 30 June said underlying business remained "resilient in a challenging market". It suffered an underlying operating loss of £8.9m, compared to a 2011 underlying operating profit of £18.5m. The firm said it had made significant changes during the year, including board and management changes, cost reductions and non-core disposals. It made annual cost savings of £20m. It also said its bankers, Lloyds Banking Group, had committed £93m to the business over the next two years. Chairman Tim Ingram (pictured) said: "To say that the year ended 30 June 201...