RSM Tenon's financial management division's 'heightened relationship' with the Financial Services Authority (FSA) has been downgraded after making '"major progress", according to the group's interim results.
It said removal of heightened supervision meant it would give the business more time to focus on commercial trading.
However, the business said its results for 1 July to 19 November were the lowest of the year so far.
The results said: "The market for our services continues to be challenging. As a result, turnover has been at the lower end of management's expectations.
"However, with a continued focus on careful management of costs and as a result of the cost reduction exercise undertaken earlier this calendar year, the profitability of the
Group is ahead of the comparable position in the prior year and in line with management expectations."
The business added impact of the Retail Distribution Review "remains uncertain; pending its introduction, there has been a slow-down in new business activity, which has traded below our expectations".
As previously announced, RSM Tenon has entered into new banking arrangements providing the group with increased facilities with final maturity on 31 December 2014.
Chief Executive, Chris Merry, said: "We continue to make progress in restoring RSM Tenon to profitability. I am grateful to our clients and staff for their continued support as we build on the changes we have made. With new banking facilities in place, we look forward to the future with confidence."
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