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TNO Rsm Tenon

1.125
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Rsm Tenon TNO London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 1.125 00:00:00
Open Price Low Price High Price Close Price Previous Close
1.125 1.125
more quote information »

RSM Tenon TNO Dividends History

No dividends issued between 29 Mar 2014 and 29 Mar 2024

Top Dividend Posts

Top Posts
Posted at 17/8/2013 22:34 by dewtrader
Praipus mate, holding TNO may render you infertile

btw wasnt this the mail on sundays share of the year.....?
Posted at 08/8/2013 07:24 by dewtrader
Guys I thought you might want to partake in this?


TNO, a dog. What is the former dir seeing as he has bought 11%


His spouse has also bought some

Worth a nibble????
Posted at 30/7/2013 14:24 by nick rubens
Didn't Bob Morton purchase a fair amount of shares around the 30p mark?
Must be harder than he thought to make headway here.
I'm surprised TNO haven't dismissed already a takeover approach at these low levels to show confidence, so it doesn't look too good.
Posted at 28/12/2012 15:18 by gymfit
TNO - time for the thundering herd to arrive, Me included
Posted at 28/6/2012 08:43 by king_roster_iii
I have just filled up this years ISA with these. I suspect that if there is the slightest chance that TNO is a going concern Lloyds will be happy to keep them afloat.

Might need some restructuring but the new CEO seems to be doing and saying the right things.
Posted at 06/6/2012 12:18 by still waiting
with fee income drying up and all accountants undercutting each other for work this looks doomed..

the TNO approach of minimum fixed fee looks sillier by the day, I suppose with such a high cost base it was needed, but much like the high street shops the days of overpaying for a product have lone gone..
Posted at 29/2/2012 22:22 by daz
Fortunately for TNO, it's not easy to move jobs, most companies including accountancy firms are looking to cut costs rather than expand and TNO have just got rid of a number of people themselves.

The writing has also been on the wall for some time, so I think those able to move probably already have. Whether they still have senior management of the right calibre remains to be seen.

I think the company is very difficult to value at the moment, nobody can be certain whether it will pull through or not, so who can say what the risk premium should be. My line of thinking behind buying today was that it is pretty much priced to go bust at current levels so any positive news ought in theory be well received.

As a consequence of the valuation problem, I think the share price could be very volatile, particularly in reaction to any news that comes out, good or bad.

The most positive sign I can think of is if any of the directors start buying, with the company in the state it is, that would be a real sign of confidence
Posted at 08/2/2012 09:14 by imastu pidgitaswell
Of course I understand why it has no tangible assets - that's not my point. It's just one more reason why the business is not worth buying in its present form.

It is not easy to reduce a fixed cost base of expensive staff quickly, without it costing in the short term - when you are up against bank covenants already.

Regional specialisation - and the other accounting firms don't? And yes, accountants are ten a penny, or in fact ten a £200k more like.

I'm not advocating a youth-only policy - I'm suggesting that a management base of people solely from one strata of society may not be best placed to foresee changing economic and social trends and plan their business accordingly. In terms of the banking crisis, was it not senior management of the banks that allowed the mess to happen, through failure to understand the risks - and how to control them with modern systems - that were being taken by these 'young turks'? And was the dot-com boom not financed - until the money ran out - by funds and businesses that again did not understand the risks they were taking nor the nature of the business opportunity? It takes a combination of experience, commercial nous, risk management and sometimes a raw entrepenurial approach to manage a business properly. For all their experience, did the Board of TNO do anything about their clear overstretch and financial over-exposure? Would, for example, a female input to the process have reigned in the more aggressive aspects of the business approach, or identified earlier the inherent risks? Even an acknowledgement that they might be wrong and adopt a longer term, less aggressive approach?

Bob, I was just raising a point about how to my mind, TNO is more likely than most struggling businesses to knock it on the head, with too many challenges to overcome. Let's just say we disagree, no need for the personal smears.


Edit - a bit late for that last plea, given the previous post. Why do people resort to name-calling when having a disagreement?
Posted at 07/2/2012 21:53 by imastu pidgitaswell
Hmmmmmm, not sure that's your usual quality of comment, Bob - end of a working day, tired...

Public sector business - including local government, university work and others - is significant enough that the ongoing cuts make a significant difference. And there are are still no tangible assets...

The rate of churn point in the current circumstances is the point - the risk of staying with Tenon is significant, the risk of engaging them new is even greater -I can't see anyone putting it up to a CEO/Board as a sensible business decision. Not good.

Cost base is the cost base - not really talking about the income to cover it, as it clearly isn't really doing it, I'm talking about the issue of a small percentage drop in income -see above - resulting in a significant loss.

Certainly have no direct experience of TNO's specific offering, but come on, there's nothing they do that any accounting firm doesn't do. Take a look at their most recent annual report, and try to spot anyone in a management position who is not a white late middle aged man.

Unfortunately cash flow and profitability is not known - nobody can say what the ongoing situation is or will be, it's just not stable, for TNO-specific and general economic reasons.



It will be interesting to see, but my original reasons for interest, being its apparent revenue, aged debt and the impact on the corporate debt were it to be reduced significantly, and potential cash generation, have all turned to dust. Abject management, and I just think it has gone too far, the final straw being the most recent announcement.

Next update within the month, I believe. So never say never...
Posted at 07/2/2012 17:24 by bobsidian
"...no tangible assets to speak of, revenue streams declining in value (public sector cuts, general VFM needs at the moment) and in volume (clients walking, for their own governance reasons)..."

TNO do not derive their primary sources of income from the public sector. And like any other firm of accountants they are having to adjust their rate of charge to accommodate the current economic climate. The rate of churn or natural wastage of clients is likely to be no different to any other firm of accountants. Of course that may change if there is a perception that TNO is about to be dismantled.

"...when anyone can just try and poach the clients..."

Not so simple to do. Ethical considerations play their part. And as far as any former or soon to be former employees may be concerned, there are restrictive covenants to navigate.

"...fixed cost base (of expensive people)..."

You are describing the structure of the entire accountancy profession which ramped up charge out rates over the course of the last decade only to be resistant to adjusting these rates to reflect the current economic climate. And the rate of charge out of time by the company/firm bears no resemblance to the level of salary ultimately paid to the underlying employee(s) carrying out the work.

"They don't do anything that any other professional accountancy firm can't do (a lot better...)..."

Really ? Do you have direct experience of the level of skill, knowledge or experience deployed by TNO to make such a targeted judgement ?

"...there's no intellectual property here worth acquiring..."

True enough. TNO are a service provider. But what you are looking at is a ready made accountancy firm where cash flow and profitability issues are known. In a difficult economic climate diversification becomes more important than specialisation. Does TNO have such diversification ?

"...accumulated debt and banking covenant issues, more expensive financing..."

Rectified by any acquiror introducing funding on their own more favourable terms to bring indebtedness down to more manageable levels.

The main issue appears to have been the age old problem of an acquisitive CEO more interested in empire building at any price and less interested in the work involved in consolidating a growing business to ensure action is taken on previously identified synergies which should contribute to the generation of additional free cash flow sufficient to meet the schedule of payments linked to acquisitions. And just how often is it the case that a rapidly grown business finds that its new and evolving cash flow dictates a required revolving credit facility in excess of that in place ?

However, I do not disagree that short of the involvement of a "white knight" or a capital raising exercise seriously dilutive to long term shareholders then TNO may indeed go down the path of the very "pre-pack" insolvency arrangement oftentimes advocated by their own corporate recovery division.

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