Why Invest in MHA?

The UK audit and accounting market is large (c. £8.8bn in FY25) and growing (c. 5% CAGR FY20-FY25), creating a supportive backdrop for mid-market firms like MHA to gain share with Big Four dominance gradually easing.

Heightened regulation, tighter independence, auditor rotation, increased complexity and compliance costs are, diverting some incumbents away from the most demanding mandates and rewarding firms with breadth, sector and technical expertise, quality systems and capacity – exactly where MHA competes.

Management believes these drivers are mainly structural, not cyclical: they sustain recurring, price-resilient demand – and MHA is converting them, with PIE audit clients as an example rising from 19 to [latest figure] (FY22–FY25), alongside higher average fees.

MHA’s model is anchored by high recurring revenue, giving a stable foundation for compounding growth. Around 87% of FY24 and FY25 revenue came from repeat, generally compliance-driven work, providing year-on-year visibility and resilience through cycles.

The result is consistently strong financial delivery and cash generation: revenue grew 45% in FY25 to £224.2m, c. 14% CAGR over the past decade, with ~90% cash conversion of profit before tax over the past three years. This healthy cash flow allows continued investment in technology and bolt-on deals while supporting a progressive future dividend policy.

MHA offers a broad range of professional services and serves thousands of clients, spreading risk and creating cross-selling synergies. Its multidisciplinary platform (audit, tax, advisory, outsourcing, wealth, etc.) enables the firm to expand revenue within existing relationships while also winning new full-service clients.

Over the past three years MHA has served roughly 16,000 clients, and its top ten clients accounted for only about 6–8% of revenue in FY25. This diversity – across service lines and industries – supports resilience: when one slows, others generally continue to generate demand.

MHA combines strong UK roots with an expanding international reach. As the UK, Ireland, South East Europe and Cayman Island member of the Baker Tilly International network, MHA is part of a US$5.6 billion global organisation with 43,500 professionals in 143 territories. This affiliation enhances brand awareness, allows MHA to support clients with operations outside the UK, and is an excellent source of inbound referrals for multinational businesses. 

The acquisition of BTSEE in August 2025  is the first post IPO example of a d deepening of these global ties, enhancing MHA’s cross-border capabilities in South Eastern Europe and strengthening its ability to serve international clients seamlessly. Together, the Baker Tilly International network’s scale and MHA’s growing footprint ensure the firm is well positioned to capture opportunities from the increasingly global nature of business.

MHA has a well-established and successful blueprint for bolt-on acquisitions – seven deals in the UK and EU in past three years – adding new regions, service lines and cross-selling depth while protecting the Group’s culture and focus on providing exceptional client service. Moore & Smalley is a recent example that broadened capability and talent, and the pipeline remains active in priority UK geographies. 

MHA is also targeting selective cross-border opportunities. Some of these firms may come from within the Baker Tilly network, as was the case with Baker Tilly South East Europe. This gives us pre-vetted quality and compliance, experience working together, aligned methodologies and tools, and typically an overlap in culture and clients, all of which shorten diligence and smooth integration.

MHA is partner-managed and controlled, with leaders holding meaningful equity that aligns them – along with colleagues across the firm – with investors and long-term value generation. A 98% partner-retention rate over the past two years underpins continuity for clients and a committed, client-first ethos. 

Despite its scale, MHA remains entrepreneurial: Its teams are empowered to make agile, commercial decisions and innovate while maintaining rigorous professional standards. The result is a highly motivated, accountable and focused organisation capable of attracting and retaining the best talent in the industry to take it forward.