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(Sharecast News) - MHA reported a strong first-half performance in its first interim results since listing on AIM on Thursday, with double-digit revenue growth, higher earnings and a healthy cash position underpinning its outlook for the full year.
For the six months ended 30 September, group revenue rose 13.2% to 121.3m from 107.2m a year earlier, with recurring fees accounting for around 87% of the total, unchanged on the prior period.
Adjusted EBITDA increased 10.7% to 21.8m, while adjusted profit before tax was up 8.8% at 18.5m.
The group EBITDA margin was 18%, broadly in line with the 18.3% reported for the last full year, reflecting the usual second-half weighting of revenue and earnings.
Net cash stood at 25.7m at the period end, compared with 17.6m at 31 March.
Adjusted basic and diluted earnings per share were 5.8p, and the board declared an interim dividend of 1.0p per share.
The prior period comparatives have been presented on a combined, restated basis to reflect the historical partnership model of the group's operating entities and provide a like-for-like measure of underlying performance.
Operationally, MHA said it delivered continued organic growth across all service lines, supported by strong demand from new and existing clients for audit, tax, accountancy and advisory services.
The acquisition of Baker Tilly South-East Europe, completed in August 2025, was reportedly integrating well, while the group's 2026 technology, AI and data programme was underway and on target.
Chief executive Rakesh Shaunak said the first-half performance "demonstrate[s] the strength of our platform, and we enter the second half with positive momentum and good visibility across our core service lines."
"Supported by rising regulatory complexity, demand for high-quality audit, tax and advisory support remains robust, and our breadth of sector exposure and growing international footprint position us well to capture and capitalise on these opportunities," he added.
"We are confident of delivering a full-year outcome in line with market expectations, while continuing to build long-term value through both organic growth and selective M&A."
MHA said trading was in line with market expectations for the 2026 financial year, which it believed to be revenue of 249.5m and adjusted EBITDA of 44m.
The group said it expected the second half to benefit from continued opportunities as companies reassess long-standing adviser relationships, particularly where regulatory expectations, sector expertise or international reach are key.
At 1448 GMT, shares in MHA were up 1.8% at 169.5p.
Reporting by Josh White for Sharecast.com.