(Updated) Shares in accountancy and advisory group RSM Tenon have fallen 28% after the company announced it expects to report a loss for the second half of 2011.
The group was trading at 8.25p at the beginning of the day but, by 11am, had fallen 28% to 5.90p. This morning RSM Tenon announced Andy Raynor is to step down as chief executive officer and Bob Morton is to leave his role as chairman with immediate effect. Adrian Martin, currently deputy chairman and CFO, has been appointed executive chairman. In a trading update this morning, RSM Tenon said it expects revenues in the six months to 31 December 2011 will be about 10% lower than in the corresponding period in the previous year. As a result, and due to the proportion of its costs t...
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