MHA announce record 2025 results on the back of successful IPO
MHA, a leading professional services provider of audit and assurance, tax, accountancy and advisory services, today announced its full-year combined results for the year ended 31 March 2025.
Revenue rose 45% to £224.2 million compared with £154 million in FY24, driven by a combination of organic expansion and strategic acquisitions. Adjusted EBITDA increased 32% to £41.1 million, up from £31 million in the prior year. The full RNS announcement is available here (LINK TO RNS).
The results were delivered immediately prior to MHA’s IPO on 15 April 2025, which raised £98 million and was the largest listing on AIM during the year, as well as the largest in the professional services sector for the past five years.
Growth was recorded across all offices, business sectors and service lines during FY2025. Audit services generated £114 million in fees, representing growth of 40.8%, while tax services contributed £40 million, up 34.5%. Advisory services grew 65.8% to £62 million, and wealth management achieved £8 million in fees, an increase of 153% on the previous year.
Sector performance was equally strong. Real estate and construction delivered £26 million in fees, up 45%. Retail, consumer and hospitality matched this figure with £26 million but achieved a growth rate of 77%. Financial services brought in £23 million, an increase of 26%, while manufacturing and engineering generated £21 million, up 55%. Professional services delivered £19 million, an increase of 41%, and technology achieved £17 million, up 42%.
M&A remains central to MHA’s growth strategy. On 11 August 2025, the firm completed the acquisition of Baker Tilly South-East Europe, marking the next stage in its expansion into mainland Europe. This acquisition increases the firm’s total headcount to nearly 2,350 people, including 153 partners across 30 offices.
Investment in technology and artificial intelligence continues to be a key driver of efficiency and quality. MHA is implementing automation in personal and corporation tax processes, piloting tools such as ChatGPT Enterprise and Microsoft Co-Pilot, and providing formal role-specific AI training to 30% of its workforce. Currently, around half of MHA’s people are using AI or automation tools in their roles.
Rakesh Shaunak, CEO of MHA plc, 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. Having evaluated all options, we are confident that we have chosen the right path for MHA, with the IPO allowing everyone in the firm the opportunity to participate in our expected future growth. Our successful IPO has already delivered tangible benefits: a stronger balance sheet; incentivised partners; greater profile with clients, acquisition targets and the market generally; and the ability to invest in technology and talent at greater pace.
We are pleased to be trading in line with our expectations for FY26. While market conditions remain demanding, the trends driving our profession are firmly in our favour. With a clear strategy, a strong balance sheet and an exceptional team, I am confident that we are well placed to deliver on the commitments we set out at IPO and to build a business of even greater scale and quality in the years ahead.”