REG - MHA PLC - Trading Update

MHAAnnouncement

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RNS Number : 3133D  MHA PLC  07 May 2026

7 May 2026

 

MHA plc

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

 

Trading Update

 

Strong revenue growth and earnings ahead of expectations

 

MHA (AIM: MHA), a leading professional services provider of audit and
assurance, tax, accountancy and advisory services, provides the following
update on trading for the year ended 31 March 2026 ("FY26") ahead of its full
year results, which are expected to be announced in July 2026. All figures in
this announcement are unaudited.

 

Highlights

 

·    Group revenue up 12% to approximately £251m (FY25: £224.2m), in
line with market expectations*

·    Adjusted EBITDA** up 12% to approximately £46m (FY25: £41.1m),
ahead of market expectations

·    Net cash of approximately £24m at 31 March 2026 (FY25: £17.7m)

·    Completed two strategic acquisitions, materially extending the
Group's international footprint

·    Continued progressive dividend policy, with quarterly distributions
paid in line with the Group's stated approach

 

Trading

 

The Group continued to trade strongly through the second half of the year.
Demand remained robust across all four service lines, supported by rising
regulatory complexity and growing client demand for integrated, multi-service
advisers. The Group's sector-led approach continued to differentiate it in the
market, with double-digit fee growth in financial services, manufacturing and
engineering, and professional services.

 

Acquisitions

 

In August 2025, the Group completed the acquisition of Baker Tilly South East
Europe ("BTSEE"), establishing a presence in Cyprus, Greece and South East
Europe. On 7 April 2026, following the period end, the Group completed the
acquisition of Moore Stephens LLC and Moore Stephens Consulting LLC ("MS
UAE"), extending the Group's footprint into the Middle East. Both acquisitions
are performing in line with the Board's expectations and are expected to be
earnings-enhancing within their first full financial years following
completion.

 

The Group's acquisition pipeline remains active, both in the UK and overseas.
The Group will continue to pursue acquisitions on a selective basis, focused
on quality, geographic coverage and sector experience.

 

Outlook

 

The structural drivers of demand for MHA's services remain firmly in place.
The Board sees a clear runway for growth, supported by organic expansion
across the Group's four service lines, a healthy pipeline of acquisition
opportunities both in the UK and overseas, and continued investment in
technology, AI, talent and sector specialisation. The Board remains confident
in the Group's prospects for the current financial year and in the delivery of
its medium-term ambition of generating annual revenues in excess of £500
million.

 

Rakesh Shaunak, Chief Executive Officer of MHA, commented:

 

"FY26 has been a year of strong delivery and meaningful strategic progress for
MHA. The acquisitions of BTSEE and MS UAE have materially extended our
international footprint, and our continued investment in technology and AI is
supporting the depth and quality of the work we do for clients, and the
productivity of our people.

 

"We enter FY27 with a broader platform, an attractive pipeline and a demand
environment that remains supportive of high-quality professional advice.
Looking ahead, the Group is well positioned to continue building long-term
value for shareholders, organically and through selective M&A."

 

 

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

Notes

 

FY26 is the Company's first statutory accounting reference period. FY25
comparatives reflect the combined results of the Group's constituent
companies, prepared on the same basis as the historic financial information in
the Company's AIM Admission Document dated 10 April 2025.

 

*The Group believes that current consensus market expectations for FY26 are
revenue of £249.5m and adjusted EBITDA of £44m.

 

**Adjusted EBITDA in FY26 relates to EBITDA adjusted to exclude the credit
arising from the bargain purchase acquisition of BTSEE, IPO costs expensed
through the income statement, legal fees on acquisitions and the amortisation
of deemed remuneration. Adjusted EBITDA in FY25 relates to EBITDA after
partner remuneration on a plc basis, adjusted for the credit arising from the
bargain purchase acquisition of Moore & Smalley. EBITDA refers to
consolidated earnings before depreciation, amortisation, finance costs and
taxation.

 

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, Andrea Callaghan (Corporate Finance)  +44 (0)20 7220 0500

 Michael Johnson (Sales)
 Sunila de Silva (ECM)

 Alma Strategic Communications                                        mha@almastrategic.com (mailto:mha@almastrategic.com)
 Andrew Jaques, David Ison, Joe Pederzolli, Emma Thompson             +44 (0)20 3405 0205

 

About MHA

 

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

 

It employs over 2,300 people and has 157 partners across its network of 37
offices in the UK, Ireland, South-East Europe, the UAE 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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