LONDON: MHA plc (AIM: MHA), a leading provider of audit, tax, and advisory services, reported a 45% jump in full-year revenue to £224.2 million for the year ended March 31, 2025, marking a pivotal year capped by its successful IPO on the London Stock Exchange’s AIM market.
Adjusted EBITDA rose 32% to approximately £41.1 million, while adjusted profit before tax climbed 31% to £36.3 million. Recurring fees accounted for 87% of total revenue, underscoring the Group’s stable income base. Net cash stood at £17.7 million at year-end, with post-period IPO proceeds further strengthening the balance sheet.
“This was a landmark year for MHA,” said CEO Rakesh Shaunak. “Our Admission to AIM has provided the ideal platform to accelerate growth, invest in talent and technology, and expand our international footprint.”
Operationally, MHA completed the integration of multiple UK and Irish firms and, post-period, acquired Baker Tilly South-East Europe in August, extending its reach into Cyprus, Greece, and the broader region.
The IPO in April 2025 raised approximately £98 million gross, significantly enhancing MHA’s visibility among clients and M&A targets. The Group also reported a cash conversion rate of 91% from pre-tax profit to operating cash flow, adjusted for non-cash items.
Looking ahead, MHA said trading in FY26 is on track to meet market expectations, with demand for high-quality advisory services remaining resilient despite macroeconomic volatility.
“The trends driving our profession—regulatory complexity, globalisation, and digital transformation—continue to play to our strengths,” Shaunak added. “We are well-positioned to deliver on our IPO commitments and scale with quality.”