Mha (MHA) H2 2024 earnings summary

Executive summary

• Revenue increased to £147.1m for the year ended 31 March 2024, up from £106.2m year-over-year.

• Operating profit rose to £60.8m from £41.5m year-over-year.

• Profit for the year attributable to owners was £1.37m, up from £0.54m year-over-year.

• A merger with Moore & Smalley LLP was completed on 1 April 2024, post balance sheet.

Financial highlights

• Net revenue grew to £141.9m from £102.7m year-over-year.

• Operating expenses increased to £82.0m from £62.0m year-over-year.

• Cash and cash equivalents at year-end were £13.5m, down from £16.7m prior year.

• Net assets attributable to members rose to £53.7m from £36.5m year-over-year.

• Members' remuneration charged as an expense was £56.7m, up from £38.7m year-over-year.

Outlook and guidance

• Management considers the group to have adequate resources to continue as a going concern, supported by detailed trading and cash flow forecasts.

• The group continues to grow service lines, win new clients, and adapt to new business opportunities.