Tenon seeks acquisitions, sees US recovery, loses US$11M

Tenon seeks acquisitions, sees US recovery, loses US$11M
Aug. 23 (BusinessDesk) - Timber mouldings maker Tenon believes it is past the bottom of a five-year US housing market downturn and is in better shape for a recovery than when the slump began, despite posting a loss of US$11 million for the year to June 30, up from a US$1 million loss the previous year. The result came from revenues of US$334 million, up 2.5 percent on the previous year, being outweighed by a 5.3 percent rise in cost of sales, and included US$5 million of one-off restructuring costs in its US, Canadian, and New Zealand operatio...