09 Feb Tenet Group Reports £290,000 Loss
Tenet Group has reported a £290,000 loss after restructuring costs mounted up on the business as they look to adapt and be ready for the upcoming implementation of the retail distribution review.
Tenet made a £1.6 million provision for restructuring in its accounts for the year ending 30 September 2011, spending £750,000 of this on a range of things, including staff reorganisation. The remaining money will be spent on fully preparing the company for the implementation of the RDR.
Tenet chairman Lord Hodgson and interim chief executive Martin Greenwood also claimed that economic conditions have also affected the group, claiming in a joint statement "These conditions [have continued] to pose particular challenges across the investment, mortgage and protection sectors within which the group operates.
"In addition, the group has had to deal with the specific challenges caused by the approaching implementation of the retail distribution review."