MHA (AIM:MHA), the AIM-listed provider of audit, tax, accountancy and advisory services, reported group revenue up 12% to £251.3m for the year ended 31 March, against £224.1m the prior year.
The growth split between 6.4% organic expansion and 5.8% from acquisitions, marking the company's first full financial year since its April 2025 listing.
Earnings (adjusted EBITDA) rose 13% to £46.5m, up from £41.2m, landing in line with previously upgraded market expectations and lifting the margin slightly to 18.5% from 18.4%. Adjusted profit before tax climbed 11% to £39.2m, while net cash grew to £25.4m from £17.7m, supported by adjusted cash conversion of 115%, up sharply from 89% a year earlier.
Audit & Assurance remained the largest service line at roughly half of group revenue, with Financial Services, Professional Services, and Manufacturing & Engineering leading fee growth across sectors.
Fees from listed clients rose 16%, aided by 15% organic growth in that segment and the acquisition of Baker Tilly South-East Europe, completed in August 2025.
MHA also acquired Moore Stephens UAE shortly after the year-end, extending its footprint into the Middle East; both deals are expected to be earnings-enhancing within 12 months.
"It is an encouraging validation of the model we set out at IPO, combining organic growth, selective acquisitions and the discipline of public ownership", said chief executive Rakesh Shaunak.
The board said it remains confident in delivering its medium-term ambition of annual revenues exceeding £500m, citing a healthy acquisition pipeline in the UK and overseas.
News Intelligence what this means for the company
MHA delivered 12% revenue growth in its first full year as a public company (IPO April 2025), split evenly between 6.4% organic expansion and 5.8% from acquisitions, with adjusted EBITDA rising 13% to £46.5m and net cash strengthening to £25.4m. The results validate the dual organic-plus-M&A model the company outlined at listing, and the board reaffirmed confidence in reaching £500m revenue medium-term, supported by a healthy acquisition pipeline.
The company is executing its stated IPO strategy: organic growth is accelerating (6.4% vs. prior-year baseline), margin is stable at 18.5%, and cash generation has improved sharply (115% conversion vs. 89% prior year), reducing refinancing risk and funding future acquisitions. The £500m revenue target implies roughly 2x current scale; at current organic rates and acquisition cadence, that is achievable but dependent on deal flow and integration discipline.
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