Professional services group MHA expects first-half revenue to increase by 11% to £134.6m, with acquisitions in South-East Europe and the United Arab Emirates contributing most of the growth.
The AIM-listed accountancy and advisory business generated £121.3m in the equivalent period last year. Organic revenue growth contributed four percentage points to the latest increase, while acquisitions accounted for the remaining seven percentage points.
The figures cover the six months ended 30 September 2026 and remain provisional ahead of the company’s interim results later this month. Management reported that revenue growth, operating margins, and cash conversion were consistent with its expectations.
MHA’s international expansion has been supported by two transactions completed since its stock market flotation in April 2025. The company acquired Baker Tilly South-East Europe in August 2025 and the audit and consulting operations of Moore Stephens in the United Arab Emirates in April 2026.
Both acquisitions have extended the group’s geographical reach and added established client relationships. Their contribution has also changed the composition of MHA’s growth, with acquired operations accounting for a greater proportion of the revenue increase than its existing businesses.
Organic growth of 4% compares with 6.4% reported for the financial year ended March 2026. The latest figure reflects growth in the underlying business, excluding the additional revenue contributed by acquisitions.
Demand remained particularly resilient in audit and assurance, supported by increasingly complex regulatory requirements. MHA also reported continued demand for advisory services, with financial services, professional services, real estate and construction, and automotive and transport each recording double-digit revenue growth.
The company provides a combination of audit, tax, accountancy, and specialist advisory services. These activities generate different patterns of income, with recurring client engagements forming an important part of its business model.
Approximately 87% of group revenue remains recurring. This provides a substantial base of repeat work across established client relationships, although the overall performance of the business continues to depend on client demand, staffing costs, and the delivery of advisory assignments.
MHA is also seeking opportunities to provide additional services to existing customers. Integrating specialist practices across different territories allows the group to support clients with operations spanning several jurisdictions, combining local professional expertise with wider relationships.
Technology investment forms another part of the strategy. The group has introduced AI tools across its operations, with management expecting improvements in productivity to support operating margins over time. The latest trading figures do not separately quantify the contribution from these systems.
Chief executive Rakesh Shaunak continues to pursue annual revenue exceeding £500m over the medium term. That ambition is distinct from the company’s current-year financial expectations and depends on further organic development and acquisitions.
For the financial year ending March 2027, MHA identifies market expectations of £275.9m in revenue and £50.8m in underlying adjusted earnings before interest, tax, depreciation, and amortisation. The board expects performance to remain consistent with those forecasts.
Its acquisition pipeline remains active in the UK and overseas. The group’s strategy combines expansion through established professional services businesses with closer collaboration between its existing practices.
MHA will publish its interim results on 19 November, providing more detailed figures on earnings, margins, and cash generation for the first half. The current trading update establishes that acquisitions contributed most of the reported revenue growth, while management maintained its full-year expectations.
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