Following the recent merger of accountancy firms Tenon and RSM Bentley Jennison, shares in the company have risen.
Tenon's acquisition of its rival organisation for £76.3 million saw the UK's seventh largest accountancy practice, with a workforce of 570 people, created.
Shares in the merged group, which will now be called RSM Tenon, have outperformed a flat FTSE?small cap index with a 3.66 per cent rise to 49.5p, up 1.75p, the Manchester Evening News reported.
As a result broker Altium Securities has increased its full-year estimates for next year and put its target price up to 94p from 85p.
The acquisition of RMS Bentley Jennison, which took place following approval from shareholders, was partly funded through a shares placing that raised £40 million.
An additional £17.5 million of shares were issued to RSM Bentley Jennison shareholders, with a deferred cash consideration of £18.8 million being paid over the next three years.
Show me
Financial Controller jobs.
