MHA tops £250 million in revenue after 12% growth

Revenues at MHA have spiked by 12% for its latest financial year. Following a strong performance across its service areas, this enabled MHA to top £250 million for the first time in its more-than-100-year history.

Founded in the UK as Moore and Smalley, the firm (which fully merged into MHA in 2024) has history which can be traced back to 1892. But the two years since the firm formally came under the larger network’s branding have seen it super-charge its growth.

Following the firm’s successful IPO, MHA announced revenue growth of 45% in its 2025 financial results – hitting £224.2 million in revenue; up from £154 million in the previous 12 months. Boosted by organic and acquisitional expansion, the news saw it far-outpace the wider consulting market, which was enduring flat growth in the UK.

While the UK consulting sector has since been said to return to positive growth – with the Management Consultancies Association estimating the industry’s combined revenues expanded 3% in the last year – MHA has announced that it has far outpaced this once again. With revenues rising by 12% for the firm’s 2026 results, the firm brought in a record haul of £251.3 million – the highest in its 134-year history.

Rakesh Shaunak, chief executive officer of MHA, commented, “In our first full year results since becoming a public company we have grown revenue across all four service lines, extended our international footprint and delivered earnings ahead of expectations. It is an encouraging validation of the model we set out at IPO – combining organic growth, selective acquisitions and the discipline of public ownership – and gives us real confidence as we build towards our medium-term ambitions.”

Leading service lines

Growth in the period was split by 6.4% organic growth and acquisitive growth of 5.8%. The latter reflects the acquisition of Baker Tilly South-East Europe in August 2025 – but not the acquisition of Moore Stephens in the UAE, which was completed shortly after the year end.

This means while adjusted EBITDA was up 13% to £46.5 million – from £41.1 million in the last results – expectations are high for the coming period. Especially as all of MHA’s major sector groups saw good growth in the last year. Among those that saw double digit expansion were financial services, real estate and construction, professional services, manufacturing and engineering, and technology. Meanwhile, wealth and advisory led the way in terms of service lines – at 20% and 15% respectively – while audit grew by 9%, and tax by 13%.

This has enabled MHA to buck another market trend – maintaining hiring even as many large firms freeze intake or reduce headcount to preserve their bottom lines. MHA will welcome at least 170 graduates and apprentices in the 2027 financial year, a slight increase on the 2026 calendar, when it welcomed 160. Last year the firm received 26,000 applications for these roles, or in excess of 150 per position.

Shaunak concluded, “Investing in our technology and our people was one of the priorities we set out at IPO, and we have made good progress against it during the year… Recruiting and incentivising talented people is central to our model. Public company status allows us to offer share incentives as careers progress, and to provide career paths that we believe can be more attractive than a private equity-backed firm can offer. The establishment of an Employee Benefit Trust is one example of the inclusive approach we promote across MHA.”