Financial Increase Registered in Initial Post-IPO Reports by MHA
MHA Posts Impressive Financial Growth Following Successful IPO
MHA, the UK member of Baker Tilly International, has reported significant financial growth since its initial public offering (IPO) on the London Stock Exchange's AIM market in April 2025. The IPO, valued at £271 million, marked a milestone for the firm.
In the latest financial year ending 31 March 2025, MHA's revenue surged by 45% to a record £224.2 million, up from £154 million in the previous year. This growth was driven by broad-based progress across all offices, sectors, and services.
Recurring fees accounted for approximately 87% of MHA's total revenue, consistent with the previous year. Notable growth was seen in service lines, with advisory fees growing by 65.8%, audit by 40.8%, tax by 34.5%, and wealth management by 153%. Sector growth highlights include retail, consumer, and hospitality, which grew by 77%, manufacturing & engineering (55%), and real estate & construction (45%). In Scotland alone, revenue grew by an impressive 290% to £8.2 million in FY2025.
The IPO raised £98 million, making it the largest AIM IPO in the professional services sector for five years. Post-IPO, MHA's adjusted EBITDA increased by 32% to approximately £41.1m, up from £31m in FY24. The adjusted profit before tax also increased by 31% to around £36.3m, adjusted for post-IPO partner remuneration. Net cash stood at £17.7 million as of 31 March 2025, strengthened by IPO proceeds.
Following the IPO, MHA has expressed plans to expand via selective acquisitions, such as the recent purchase of Baker Tilly South-East Europe, to enhance geographic reach and service offerings. The company aims to become one of the UK’s top 10 accounting and professional services firms, targeting £500 million in revenue in the medium term.
MHA's CEO, Rakesh Shaunak, expressed satisfaction with the share price increase, stating it reflects confidence in both AIM and the UK economy. Shaunak also added that trading remains in line with market expectations for FY26, and that while market conditions remain demanding, the trends driving the profession are firmly in MHA's favor.
In summary, MHA's financial performance leading up to and immediately following its April 2025 IPO demonstrates strong growth momentum, broad-based across multiple service lines and regions, supported by strategic investments and a robust market position. The company looks forward to continuing this growth trajectory in the coming years.
*Sources: [1], [2], [3], [4], [5]
As of Wednesday, MHA's share price is trading at 135.50p.
MHA's financial success following its IPO has sparked discussions about investments in the UK economy, with some analysts suggesting that the growth could encourage more businesses to consider public offerings.
Moreover, the impressive financial results and share price increase post-IPO indicate that MHA's strategic decisions in areas such as tax, finance, and business advisory have proven beneficial, potentially influencing other firms to reassess their financial strategies.
