RSM Tenon cuts 400 jobs during 'disappointing' year

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 business 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 said: "To say that the year ended 30 June 2012 was a...