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RSM Tenon Group (TNO)

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Tuesday 13 December, 2011

RSM Tenon Group

AGM Statement

RNS Number : 8277T
RSM Tenon Group PLC
13 December 2011

13 December 2011



RSM Tenon Group PLC


Annual General Meeting



RSM Tenon Group PLC ("RSM Tenon" or "the group"), the leading national accountants and advisers will hold its AGM at 10:00am this morning.


At the AGM, Chief Executive, Andy Raynor will make the following statement:


"The uncertain economic conditions as set out in our Quarter 1 Interim Management Statement have continued.  All of our service lines have experienced challenging conditions, adversely impacting year on year trading performance, particularly in transaction-based activities.  Some notable recent assignments that we have secured, where billing activity either has only recently started or is yet to start, underscore our view that an increased percentage of our revenues will be weighted to the second half of the year.  All our service lines are working to improve profitability and prospects for the remainder of the year, but markets will remain erratic.  


"In past periods we have consistently reported net cash outflows in the first half of the year.  The trading patterns noted above have exacerbated this effect in the current financial year.  We continue to be in compliance with our obligations to our lenders and are focused on maintaining this position.  Headroom will continue to be limited as we progress towards the final quarter of the year, which is the most cash generative of our annual cashflow cycle.  We remain committed to working capital reduction, organic development and cost control.


"While the board continues to be mindful of the economic uncertainty, we have a strong market position as one of the leading accounting-based service providers in the UK and were recently proud to be recognised as "National Firm of the Year" at the British Accountancy Awards 2011. This market strength and the support of our core client base will provide attractive opportunities to grow our business.


"The next scheduled update on financial performance will be our interim results for the six months ended 31 December 2011 which are due to be published on 21 February 2012."





Statements that look forward in time or that express RSM Tenon's beliefs, expectations or estimates about future prospects of the group are subject to a number of risks and uncertainties that could change.  These include, but are not limited to, general economic and market conditions as well as risks associated with the financial and professional services sector and those connected to financial and equity markets.





RSM Tenon Group PLC

020 7535 5728

Andy Raynor, Chief Executive

Adrian Gardner, Chief Financial Officer

Frances Gibbons, Head of Investor Relations

College Hill

020 7457 2020

Tony Friend

Roddy Watt


This information is provided by RNS
The company news service from the London Stock Exchange