MHA Trading Update: Revenue and Earnings Rise, Acquisitions Strengthen International Presence

MHA’s latest trading update is a good one. The short version is that revenue grew 12% to approximately £251 million, adjusted EBITDA rose 12% to approximately £46 million, and profit came in ahead of market expectations.

For retail investors, that matters because it suggests MHA is not just getting bigger, but doing so without losing financial discipline. Add in a stronger net cash position and two international acquisitions, and this reads like a company pushing forward with some confidence.

MHA FY26 trading update shows revenue growth, profit beat and stronger cash

This update covers the year ended 31 March 2026, with full-year results due in July 2026. One important point up front: all figures in this announcement are unaudited, so these are early numbers rather than the final signed-off accounts.

There is also a technical wrinkle. FY26 is MHA’s first statutory accounting reference period, and the FY25 comparatives are based on combined results of the group’s constituent companies prepared on the same basis as its AIM admission document. In plain English, the comparison is useful, but investors should remember this is still a relatively fresh listed-company reporting set-up.

Key metric	FY26	FY25	Change
Group revenue	Approximately £251 million	£224.2 million	Up 12%
Adjusted EBITDA	Approximately £46 million	£41.1 million	Up 12%
Net cash	Approximately £24 million	£17.7 million	Up £6.3 million

MHA revenue growth looks solid, but the quality of demand is what stands out

MHA says demand remained robust across all four service lines: audit and assurance, tax, accountancy and advisory. That is encouraging because it suggests growth is not being driven by one lucky pocket of demand. It looks broader than that.

The company also pointed to rising regulatory complexity and growing client demand for integrated, multi-service advisers. That is a favourable backdrop for firms like MHA. When rules get more complicated, businesses tend to spend more on audit, tax and advisory support, and larger professional services groups can often win more work because they can cross-sell different services to the same client.

MHA highlighted double-digit fee growth in financial services, manufacturing and engineering, and professional services. That matters because sector focus can be a real differentiator in accountancy and advisory. Firms that understand the detail of a client’s industry often have an edge over generalists.

On the downside, the company did not break out how much of the revenue growth was organic and how much came from acquisitions. That is not disclosed here, and it is something investors may want more colour on when the full results arrive in July.

Adjusted EBITDA ahead of expectations is the real headline for investors

Revenue was in line with market expectations, but adjusted EBITDA was ahead. That is arguably the most important part of the update.

MHA says consensus expectations for FY26 were revenue of £249.5 million and adjusted EBITDA of £44 million. The company delivered approximately £251 million of revenue and approximately £46 million of adjusted EBITDA. So revenue was slightly ahead of that consensus number, while profit beat by a more noticeable margin.

Adjusted EBITDA is a profit measure that strips out items such as depreciation, amortisation, finance costs and tax, and in this case also excludes certain acquisition-related and IPO-related items. It is not the same as statutory profit, but it is useful for judging the underlying trading performance of the business.

My read is simple: this suggests MHA is executing well. Growing revenue is good, but growing earnings ahead of expectations usually tells you pricing, mix, cost control, or all three are working reasonably well.

It is also worth noting that adjusted EBITDA grew at the same 12% rate as revenue. On the face of it, that points to fairly stable profitability rather than margin expansion. That is not a problem, but it does mean this was more of a steady, well-managed growth story than a dramatic profitability leap.

Net cash rising to £24 million gives MHA more firepower

The balance sheet also looks stronger. Net cash rose to approximately £24 million at 31 March 2026, up from £17.7 million a year earlier.

That is a positive signal. A growing net cash position gives management more flexibility to invest in technology and AI, support dividends, and fund acquisitions without leaning too hard on debt. For a company that clearly wants to keep buying selectively, that matters.

MHA also said it continued its progressive dividend policy, with quarterly distributions paid in line with its stated approach. The amount of those dividends is not disclosed in this announcement, so investors will need to wait for the full-year results for more detail.

BTSEE and MS UAE acquisitions push MHA further overseas

The acquisition story is another big part of this update. In August 2025, MHA completed the acquisition of Baker Tilly South East Europe, or BTSEE, which established a presence in Cyprus, Greece and South East Europe.

Then, after the year end, on 7 April 2026, it completed the acquisition of Moore Stephens LLC and Moore Stephens Consulting LLC, referred to as MS UAE, extending its footprint into the Middle East. Because that deal completed after 31 March 2026, it falls outside the FY26 reporting period.

Management says 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. That is exactly what investors want to hear from a buy-and-build strategy. Growth through acquisitions can be attractive, but only if those deals actually add to earnings rather than just increasing scale for the sake of it.

That said, acquisitions always bring integration risk. Different regions, cultures, systems and client relationships need careful handling. MHA’s language here is positive, but the real proof will come later in the numbers.

MHA’s £500 million revenue ambition is bold and gives context to today’s update

The Board reiterated confidence in the current financial year and its medium-term ambition of generating annual revenues in excess of £500 million. That is a punchy target compared with approximately £251 million in FY26.

It tells you management is thinking bigger than incremental growth. The plan appears to rest on three pillars: organic expansion across the four service lines, selective acquisitions in the UK and overseas, and continued investment in technology, AI, talent and sector specialisation.

That strategy makes sense on paper. Professional services can scale well when demand is resilient and firms build specialist reputation. But investors should be realistic too. Doubling revenue from this level is a major task, and the update does not give a timeline for exactly when that ambition will be reached.

What this MHA trading update means for retail investors before the July results

• The positives: 12% revenue growth, adjusted EBITDA ahead of expectations, stronger net cash, and acquisitions that appear to be landing well.
• The strategic angle: MHA is expanding beyond the UK and trying to build a broader international platform, which could strengthen client relationships and future growth.
• The watch-outs: figures are unaudited, dividend amounts are not disclosed here, the split between organic and acquired growth is not disclosed, and acquisitions still need to prove themselves over time.

Overall, this is a strong update. It does not scream blowout upgrade, because revenue was broadly in line with expectations rather than miles ahead, but the earnings beat and cash improvement give it real substance.

If I were a retail investor looking at this, I’d say MHA appears to be doing what it said it would do: grow steadily, expand selectively, and keep the balance sheet in decent shape. The next checkpoint is July, when investors will want fuller detail on margins, cash conversion, dividends and how much of this growth is organic versus acquisition-led.