Advisory and accountancy group RSM Tenon has confirmed significant losses for the first half of its financial year, signalling a round of job cuts as it seeks to deal with rising costs.
Revenues for the six months to the end of December were £107.8m, down 9.3% on the same period in 2010. While the company plunged from an operating profit of £8.5m to a loss of £11.4m, "operating exceptional costs" pushed the overall statutory operating loss to £70.6m, compared to a readjusted loss of £1.9m during the same period in 2010. The readjustment came after a review of historical reporting and accounting revealed a number of significant errors and changes in accounting policy, reducing the prior year's pre-tax profit by £12.1m. Within the financial management arm of the bus...
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