MHA: Revenue jumps in first results since IPO
Share price of listed accountancy firm MHA ticked up over 3 per cent this morning after the group’s revenue soared to £224.2m over the last financial year, in its first results since it IPO’d on the London Stock Exchange earlier this year.
The results this morning cover the period right before the company’s IPO on April 15, 2025, and are presented in the same format as the information in their official AIM Admission Document.
Its revenue rose 45 per cent to £224.2m, up from £154m generated over 2024, with recurring fees representing around 87 per cent of total revenue.
MHA, formerly known as MacIntyre Hudson until its rebrand in 2019, is the UK member of Baker Tilly International, the global network of dynamic independent accountancy firms.
The accountancy firm’s £271m initial public offering (IPO) went live on 15 April.
The group has laid out plans to become one of the UK’s top 10 accounting and professional services businesses with a target of at least £500m in revenue in the medium term.
Speaking to Morning Wire this morning, MHA CEO Rakesh Shaunak, said: “[When listing], we wanted to show our confidence in both AIM and the UK economy and I’m very pleased the share price has reflected thinking that we’re a good business, in a good proposition, and the fundamentals are good in terms of aspiration.”
MHA’s life as a public company
Since its listing, the group’s share price has risen over 30 per cent, trading at 135.50p on Wednesday.
The group informed shareholders on Thursday that its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were up 32 per cent to around £41.1m, up from £31m in FY24.
These figures reflect the new remuneration structure compared to the historical results to provide a comparable post-IPO basis of earnings.
The adjusted profit before tax was up 31 per cent to around £36.3m from £27.7m, adjusted for post-IPO partner remuneration.
The group reported that its net cash dropped to £17.7m at 31 March 2025, down from £26m, which was “bolstered by the net IPO proceeds post-period”.
On its outlook, the group is predicting a “strong start to FY26 with trading on track to meet market expectations for the full year”.
Commenting on the results, Shaunak said: “These results reflect a year of strong progress for MHA, capped shortly after the period end by our successful IPO – a landmark moment for the firm.”
“Performance in FY25 was strong across the board, with growth in every sector and service line and excellent cash generation.”
“Trading remains in line with market expectations for FY26. While market conditions remain demanding, the trends driving our profession are firmly in our favour,” he added.