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