The return is a fall on the £2.8m pre-tax profit in 2008, while revenues also fell from £92.5m to £76.4m.
The group says that its net assets rose from £33m to £34m, while cash reserves were bolstered by almost £5m from £23.7m to £28.4m.
Tenet says the results follow a continued move by the group to invest in its multi-distribution support strategy as well as a transformation and re-brand programme to bolster its support propositions ahead of the RDR. The group has also been offering loans and business development finance to members during the banking crisis.
Tenet Group chief executive Simon Hudson says: “2009 was a very challenging year as the group grappled with demanding economic conditions and the debate regarding significant regulatory change.
“The business is well capitalised and carries substantial cash balances to ensure short-term shocks are absorbed, while capital remains available to take advantage of any new opportunities in the future. It is with some confidence that we look forward to the opportunities and challenges of 2010.”