MHA a leading professional services provider of audit and assurance, tax, accountancy and advisory services, announces (LINK TO RNS) the full-year combined results of its operating entities for the year ended 31 March 2025. This accounting period ended immediately prior to the Company’s IPO on 15 April which raised £98m and was the largest AIM IPO of 2025 and the largest in the Professional Services sector for five years.
Broad-based growth across offices, sectors and services
Across the firm in FY2025 there was growth in all offices, business sectors and service lines.
Rakesh Shaunak, CEO of MHA plc comments: “Our growth has been based upon, and will continue to be driven by, favourable market drivers linked to increasing and more complex regulation and extended compliance and oversight requirements in many industries.
“These results reflect the success of our highly focused and market facing business sector approach, effective cross selling strategies, the adoption and development of enhanced technology and AI in driving efficiencies and quality, and most of all the efforts and quality of an exceptional team of staff and partners, without whom our success would not have been possible.”
Service lines £m fees % growth
| Audit | 114 | 40.8 |
| Tax | 40 | 34.5 |
| Advisory | 62 | 65.8 |
| Wealth Management | 8 | 153 |
| TOTAL | 224 |
Key sectors £m fees % growth
| Real Estate & Construction | 26 | 45% |
| Retail, Consumer, Hospitality | 26 | 77% |
| Financial Services | 23 | 26% |
| Manufacturing & Engineering | 21 | 55% |
| Professional services | 19 | 41% |
| Technology | 17 | 42% |
Baker Tilly South East Europe
M&A remains a key part of MHA’s growth strategy. The IPO has given the firm a stronger platform to pursue selective, high-quality acquisitions that extend their geographic reach, deepen their sector expertise and add complementary services. On 11 August 2025 MHA was pleased to announce the completion of the acquisition of Baker Tilly South-East Europe which marks the next stage of their expansion into mainland Europe. With this acquisition the total headcount of MHA is now 2350 people including 153 partners and 30 offices.
Artificial intelligence
Key to MHA’s current and future success is the adoption and development of enhanced technology and AI in driving efficiencies and quality. MHA is taking a measured and responsible approach, adopting technologies that meet its robust standards for cost, maturity and suitability.
Current initiatives include using automation in Personal and Corporation Tax to streamline document processing and report generation, and piloting tools such as ChatGPT Enterprise and Microsoft Co-Pilot to support research, planning and drafting. Around 50% of MHA’s people now use AI or automation tools, with 30% having received formal role-specific training.
Rakesh Shaunak, CEO of MHA plc says: “These results reflect a year of strong progress for MHA, capped shortly after the period end by our successful IPO – a landmark moment for the firm.
Having evaluated all options, we are confident that we have chosen the right path for MHA, with the IPO also allowing everyone in the firm the opportunity to participate in our expected future growth. The establishment of an Employee Benefit Trust is an example of the inclusive approach we promote across the Group.
Our successful IPO has already delivered tangible benefits: a stronger balance sheet; incentivised partners; greater profile with clients, acquisition targets and the market generally; and the ability to invest in technology and talent at greater pace.
We are pleased to be trading in line with our expectations for FY26. While market conditions remain demanding, the trends driving our profession are firmly in our favour. With a clear strategy, a strong balance sheet and an exceptional team, I am confident that we are well placed to deliver on the commitments we set out at IPO and to build a business of even greater scale and quality in the years ahead.”
