Mha (MHA) H2 2025 earnings summary

Executive summary

• Achieved 45% revenue growth in FY 2025, with 20% organic and the remainder from acquisitions.

• Completed a successful IPO in April 2025, raising £98 million and attracting supportive investors.

• Expanded geographic footprint to South East Europe and Ireland, now operating in the UK, Ireland, Cayman, and Europe.

• Strategy focuses on both organic and inorganic growth, aiming for £500 million revenue and top 10 UK ranking.

• Diversified client base with no single client representing more than 1% of revenue.

Financial highlights

• FY 2025 revenue up 45% year-over-year; adjusted profit after partner remuneration £36.3 million, up 31%.

• EBITDA reached £41.1 million, up 32% year-over-year.

• Adjusted margin declined from 20% to 18% due to lower-margin acquisition; strong cash conversion at ~90%.

• Net cash at year-end was £18 million; no debt post-IPO.

• 87% of revenue is recurring, with high client retention (98%).

Outlook and guidance

• FY 2026 trading remains on track, with momentum from FY 2025 carrying forward.

• Cavendish investor note projects FY 2026 revenue just under £250 million.

• Organic growth modeled at high single digits; inorganic growth targeted to reach £500 million revenue.

• Dividend policy set at 50% of profit after tax, paid quarterly.