MHA eyes £500m revenues as acquisitions drive double-digit growth
Professional services group MHA is targeting annual revenues of more than £500m after reporting double-digit growth in the first half of its financial year.
The AIM-listed firm expects revenues of around £134.6m for the six months to September 30, up 11% from £121.3m in the same period last year.
Organic growth accounted for 4%, with the remaining 7% coming from acquisitions completed since MHA’s IPO.
The group acquired Baker Tilly South-East Europe in August 2025 and Moore Stephens UAE in April this year, with MHA saying both businesses are performing in line with expectations.
Its acquisition pipeline remains active in the UK and overseas as the firm pursues further growth.
MHA said operating margins and cash conversion during the first half were in line with board expectations, while recurring revenues remained at around 87% of the total.
Demand for audit and assurance services remained resilient, driven partly by increasing regulatory complexity, while the firm also reported continued demand for advisory work.
Financial services, professional services, real estate and construction, and automotive and transport each delivered double-digit revenue growth compared with the first half of the previous year.
Rakesh Shaunak, CEO of MHA, said: “Our strong first-half performance reflects continued demand for our specialist services, with healthy revenue, margins and cash conversion.
“BTSEE and MS UAE have extended our expertise and international reach, adding to our longstanding record of successful acquisitions, and our pipeline remains active, both in the UK and overseas.”
MHA is also investing in artificial intelligence and other technology as it looks to improve productivity and margins.
Shaunak added: “Closer collaboration across our service lines is creating opportunities to provide more services to existing clients.
“Our investment in technology, including the AI tools increasingly used across the firm, is improving productivity, and we expect it to support margin progression over time.
“We remain confident of delivering a full-year performance in line with market expectations, and in our medium-term ambition of annual revenues in excess of £500 million.”
MHA said it remains on track to meet full-year market expectations, which it puts at revenues of £275.9m and underlying adjusted EBITDA of £50.8m for FY27.
The group will publish its interim results on November 19.
