REG - MHA PLC - Trading Update

MHAAnnouncement

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RNS Number : 5875F  MHA PLC  31 October 2025

31October 2025

 

MHA plc

("MHA", the "Company" and together with its subsidiaries the "Group")

 

Trading Update

 

Strong performance underpinning confidence for the full year

 

MHA (AIM: MHA), a leading professional services provider of audit and
assurance, tax, accountancy and advisory services, is pleased to announce an
update on trading for the six months ended 30 September 2025 ("H1 26").

 

The Group remains on track to deliver full-year performance in line with
market expectations(1), having delivered a strong H1 26 with revenue growth,
operating margins and cash generation consistent with the Board's
expectations.

 

H1 26 revenue is expected to be approximately £121.3 million, up 13% on H1 25
(£107.2 million). Of this revenue growth, 3% relates to the acquisition of
Baker Tilly South-East Europe Holdings Limited ("BTSEE") in August 2025, and
1.5% is attributable to the full period income from Baker Tilly Ireland,
acquired in July 2024.

 

Despite market uncertainty in FY26 to date, the Group has continued to see
rising demand for high-quality advisory services. Increasing regulatory
complexity continues to be a key driver, supported by a well-established focus
on growing market sectors.

 

The Group completed a successful AIM IPO shortly after the period began in
April 2025, raising gross proceeds of £97.8m to be used, amongst other
things, to invest in technology, including AI, and support further bolt-on
acquisitions to accelerate growth.

 

In August 2025 the Group completed the acquisition of BTSEE, a leading
professional services firm offering a comprehensive range of services to
clients in Cyprus, Greece and South-East Europe, predominantly in audit, tax,
advisory, legal and corporate services. Integration into the Group's systems
and procedures is progressing to plan and the acquisition is expected to be
earnings-enhancing within the first full financial year following completion.

 

The Group's Interim Results are expected to be published in late November
2025.

 

Rakesh Shaunak, Chief Executive Officer of MHA, commented:

 

"The Group experienced strong growth across all service lines in H1 26,
reflecting the strength of our platform and the success of both organic and
acquisitive expansion. Our core sectors performed well, most notably financial
services, manufacturing, professional services and engineering and technology,
each of which recorded significant double-digit revenue growth compared with
H1 25.

 

The Group is well-placed to build on the momentum established in recent years,
scaling further and driving innovation while maintaining high client
standards. Supported by long-term structural growth drivers that underpin
demand for our services and a compelling client proposition, the Board remains
confident in the outlook for continued organic and acquisitive growth, in line
with its medium-term goal of exceeding £500 million in annual revenues."

 

Note: The Company's first statutory accounting period will cover the period
ending 31 March 2026 and the Company's first consolidated financial
information will comprise the unaudited results for the six-month period
ending 30 September 2025. The comparative financial information contained in
this update relating to H1 25 reflects the combined results of the constituent
companies within the Group prepared on the same basis as the historic
financial information set out in the Company's admission document dated 10
April 2025.

 

(1)The Group believes current market expectations for FY26 to be revenue of
£249.5 million and underlying adjusted EBITDA of £44 million.

 

Contacts

 

 MHA                                                             www.mha.co.uk (http://www.mha.co.uk/)
 Rakesh Shaunak, Chief Executive Officer                         via Alma
 Steven Moore, Chief Financial Officer

 Cavendish Capital Markets Limited

 (Nominated Adviser & Broker)
 Stephen Keys, Callum Davidson, Katy Birkin (Corporate Finance)  +44 (0)20 7220 0500

 Michael Johnson (Sales)
 Tim Redfern, Sunila de Silva (ECM)

 Alma Strategic Communications                                   mha@almastrategic.com
 Andrew Jaques, Josh Royston, David Ison, Sarah Peters           +44 (0)20 3405 0205

 

About MHA

 

Founded in 1869, MHA is a leading professional services provider of audit and
assurance, tax, accountancy and advisory services, based in the UK with an
international presence.

 

Following the acquisition of Baker Tilly South-East Europe on 10 August 2025,
MHA now employs more than 2,300 people and has 153 Partners across its network
of 30 offices, in the UK, Ireland, South-East Europe and the Cayman Islands.

 

MHA is the representative of the Baker Tilly International ("BTI") network in
the UK. Ireland, Cyprus, Greece, Romania, Bulgaria and Moldova.

 

 

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