MHA backs full-year outlook as adjusted profit rises in first half
MHA PLC on Thursday said it is ‘confident’ it will deliver full-year results in line with expectations as it reported its first interim results since admission to trading on London’s AIM market.
The Milton Keynes-based provider of audit, tax, accountancy and advisory services said pretax profit more than halved to £22.1 million for the six months ended September 30 from £45.3 million a year ago.
This was driven by a 46% increase in administrative expenses to £97.0 million from £66.4 million.
The profit figure also includes the credit arising from the bargain purchase acquisition of Baker Tilly South East Europe Ltd, initial public offering costs and the amortisation of deemed remuneration and a share based payment.
In April, MHA began trading on the AIM market, raising £97.8 million as part of its IPO with shares priced at 100 pence.
On an adjusted basis, pretax profit rose 8.8% to £18.5 million from £17 million.
Revenue rose 13% to £121.3 million from £107.2 million, driven primarily by fee growth from existing clients. 9.2% of revenue growth was organic and the other 4% resulted from the combined impact of acquiring BTSEE in August and Baker Tilly Ireland in July last year.
Adjusted earnings before interest, taxes, depreciation, and amortisation rose 11% to £21.8 million fro £19.7 million.
MHA declared a first interim dividend of 1.0p per share. The company said it did not declare a dividend last year as it was in a pre-IPO trading period.
Looking ahead, MHA said trading in the period has been ‘encouraging’ and in line with its expectations.
‘We have a clear growth strategy, supported by diversified sector exposure and high levels of recurring revenue. While macroeconomic uncertainty persists, these factors together give us confidence in our ability to deliver full-year results in line with market expectations,’ said MHA.
The company said current market expectations for financial 2026 are a revenue of £249.5 million and adjusted Ebitda of £44 million.
Last year, MHA reported £224.2 million in revenue and adjusted Ebitda of £41.1 million.
Chief Executive Rakesh Shaunak said: ‘These results demonstrate the strength of our platform, and we enter the second half with positive momentum and good visibility across our core service lines. Supported by rising regulatory complexity, demand for high-quality audit, tax and advisory support remains robust, and our breadth of sector exposure and growing international footprint position us well to capture and capitalise on these opportunities.
‘We are confident of delivering a full-year outcome in line with market expectations, while continuing to build long-term value through both organic growth and selective M&A.’
Shares in MHA rose 0.6% to 167.53p on Thursday afternoon in London.
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