its in an upward trend expect around 50+ in short term
it is a divident paying company and has show very good growth

do research before you do anything

Results released today, at first glance they may not look to exciting but when you look at operating profit which is well up, and adjusted EPS of 6.11p (not including amortisation) against basic EPS of 4.69p. I believe the benefits should be seen this next financial year.

Having said this, I will keep a close year on market reaction to results.

See below...........

Tenon Group Plc., a national adviser dedicated to entrepreneurs, posted a higher pretax profit as turnover rose versus last year.

For the year ended June 30, 2008, the group reported a pretax profit of 12.4 million pounds compared with 12.3 million a year ago while revenues increased to 160.3 million from 136.7 million.

'With our financial and management strength we are very well placed to take advantage of the opportunities we expect to arise in the current market conditions and to continue to invest in the future of our business,' chief executive Andy Raynor said in a statement.

He added the company remains very ambitious for increased market presence, greater sales focus and further acquisitions.

Tenon Group also recommended an increased dividend of 1.4 pence per share, up 17 percent from the 1.2 pence paid in 2007.

See broker comment below.........

full-year results which prompt both Charles Stanley Securities and Numis Securities to reiterate their "buy" recommendations. Charles Stanley says the results, which came in ahead of its expectations, may prompt modest upgrades after the analyst meeting. The broker has a 75 pence target price on Tenon. Numis notes that Tenon's 19 percent increase in underlying EPS to 6.1 pence surpasses its expectation of 5.6 pence. The broker says it expects to increase its forecasts by about 7 percent, and has increased its target price to 81 pence from 77.

Article from todays Times. see below...............

There was a time when Tenon, the tax advisory and corporate restructuring specialist, looked sorely in need of its own services.

After a period of vigorous expansion it was one of three AIM companies floated at the turn of the decade to consolidate smaller accountancy firms it was left with debt four times that of its stock market value and a 114 million post-tax loss. But over the past five years it has got to grips with working capital, paid down debt and consistently produced double-digit gains in sales and profits.

Those virtues were on display in yesterdays full-year results: turnover up 17 per cent, earnings up 19 per cent, the dividend raised 17 per cent and net debt down to 9.1 million. Revenues from corporate finance rose 62 per cent: a figure to put investment banks to shame.

That strength will be difficult to sustain, as will Tenons so-far resilient sales of personal financial services. The counterweight is provided by the recent growth through acquisition of its corporate recovery practice where revenues are running at 40 million, making Tenon the same size as the better-known Begbies Traynor, and giving it ready leverage to economic downturn. The recent retrenchment of Grant Thornton and BDO Stoy Hayward from its niche advising private entrepreneurial companies should also help.

At 58p, up p, or eight times this years earnings, buy on weakness.

Today and yesterday it's starting to tick up now.

Huge volume today 390k buts and 140k sells.

Are investors finally seeing the opportunity here?

Another day of good volumes, 515k buts against 116k sells, and sp nearly at 60p now.

Things are looking up..........

I think the reason for the rising sp is a buy recommendation in Investors Chronicle which I haven't seen.

Price 3.5p up now to 61.5p

With 2.7m buys against 193k sells.

Just noticed a very good buy update from Numis dated 12/09/08. See below -

2008 profit = 18.4m and EPS = 7.0p

2009 profit = 20.1m and EPS = 7.6p

We should see plenty more upgrades during the year. imo

A good article in shares today, which says Tenon are fast catching up with Begbies. Tenon should generate 40 million of Recovery work against 45 million for Begbies in this financial year, but Begbies still have better margins. But with Tenon on a PE of 9.4 against Begbies 21.1, Charles Stanley says the gap looks to large and have a 75p price target which would give a PE of 13.

Huge buying volume today yet sp remained unmoved, this can't last.

This weeks Share mag ran a sector report on speciality and consumer finance, and concluded with two buys, one was Provident Financial and the other Tenon.

There was nothing new to report, but they did highlight the PE difference between Bagbies at 19.3 and Tenon at 9.5, which is too large even with better margins at Begbies.

Worth looking at following link which includes comments from Carl Jackson (Head of Business Recovery Tenon) . Which makes me more confused with the recent weakness in share price.

http://www.telegraph.co.uk/finance/financetopics/recession/3275282/Business-failures-rocket-as-banks-call-in-the-receivers.html

BEG was also down, but that may be partly due to 7.8m more shares being released.
Everything seems to be dragged down in this market. Looks like TNO is no exception, but I would still expect them to produce good results, so may be worth buying before that in anticipation.

I'm looking to hold for 12/18 month's, would think the results will be very strong during this time, and we should see a re-rating to reflect this.

It's tempting to buy more but I have already tipped in twice, saying that the low 40s might tempt me.

I had wondered why the price was weak the week before last, when it drifted down to 48p. The answer is that Polar capital forager fund ltd had been selling 500k shares, and now hold 9.445.528. At least the stock has been placed now, and we can see a recovery to 53.5p.

I noticed that Russell McBurnie Finance Director brought 20,200 at 48.495p, taking advantage of the depressed sp.

I have read so much about the increase in business failures, I would imagine that the recovery division will be well ahead of expected forecasts. I know I have said this before, but now the stock overhang has gone, the sp should start to move.

Plenty of selling today, over 1 million against 45k buys, but price held up well which is a good sign. One sell trade for 20k at 16:10 showed at 34p, a mistake I would hope or someone will be very unhappy with there market maker.

About an 18 month low atm.
2517

Any particular reason? I thought this was meant to be one of the safer ones along with BEG? I don't hold at present, but watch both of them for possible entry point.

HARRYCAT----I've not seen anything, I did hold earlier this year but sold at a small profit, like you I watch BEG (well off their year high) as well as TNO, and this is supposed to be their sort of environment so the sp should be going the other way.
2517

My guess is that this is only going to attract any interest when results are due to be released. There doesn't seem to be any news otherwise which will make this more attractive to investors. BEG seems to be the safer bet, imo.

There has been more selling this week, but I can't find out why, as mentioned before this company should do very well in this economic climate. They were tipped in the IC today as a buy at 51p, so this must be the reason. lol.

Begbies trading statement today states that Corporate finance division operating losses in the first half at 1.0 million pounds, significantly worse than earlier expectations.

Tenon's Corporate Finance position is 7% of company, the other divisions are as follows.

Personal Financial advice = 33%
Business taxation and advisory = 23%
Turnaround and recovery = 19% *
Accounts and Audit = 12%
Corporate Finance = 7 %
Outsourcing = 6 %

* Turnaround and recovery could be 25% + of business now.