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Tenet profits grow strongly

Tenet Group’s pre-tax profits rose by 67 per cent from £2.4m to £4.08m for the year ending September 30, 2007.

Operating profits before reorganisation costs resulting from acquisitions increased by 33 per cent from £2.7m to £3.6m.

Tenet’s net assets rose by 10 per cent from £28.1m to £31m, which is attributed to the level of retained profits during the last financial year.

The company invested over £500,000 in additional sales and marketing resources as well as establishing its retail investment proposition, Sinfonia Asset Management, at a cost of around £180,000.

Commercial director Peter Lane says: “The financial performance of the group demonstrated resilience, with net assets exceeding £30m for the first time. This was due to an extremely strong sales lead performance by Tenet’s network businesses and was after taking into account the costs of investing in the sales and marketing function of the group.”

Chief executive Simon Hudson says: “Our staff and directors have worked tirelessly and professionally to ensure this success in our quest to become the industry’s number one distribution group. The directors believe Tenet remains well positioned in its sector and that further development of the group will be secured in 2008 which will reinforce that position.”

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