Mha (MHA) H1 2026 earnings summary

Executive summary

• Achieved strong half-year performance post-IPO with 13.2% revenue growth to £121.3m, resilient margins, and robust cash generation.

• Completed successful AIM IPO in April 2025, raising £98m and providing a platform for further growth.

• Completed first post-IPO acquisition of Baker Tilly South-East Europe (BTSEE) in August 2025, expanding international reach and sector capabilities.

• Recurring revenues remain high at 87%, with a diversified client base and no single client exceeding 1% of group revenue.

• Maintained strong cash generation and balance sheet, supporting ongoing investment and M&A.

Financial highlights

• Revenue increased 13.2% year-over-year to £121.3m for HY26, with 9.2% organic growth and 4% from acquisitions.

• Adjusted underlying EBITDA rose 10.7% to £21.8m; adjusted underlying pre-tax profit up 9% to £18.5m.

• Adjusted diluted EPS at 5.8p; unadjusted basic EPS at 7.3p.

• Net cash at period end was £25.7m, up from £17.7m at FY25.

• Interim dividend of 1.0p per share declared.

Outlook and guidance

• Trading remains on track for FY26, with clear ambition to reach £500m revenue and a top-10 UK position.

• Trading in line with market expectations for FY26: revenue of £249.5m and adjusted EBITDA of £44m.

• Board confident in delivering full-year results in line with expectations, with continued focus on organic and acquisitive growth.

• Structural market trends and regulatory changes support continued growth, with a strong pipeline for organic and M&A expansion.

• Progressive dividend policy supported by robust cash generation.