Mha (MHA) H1 2027 TU earnings summary

H1 27 performance and outlook

• H1 27 revenue expected at £134.6m, up 11% YoY from £121.3m; organic growth 4%, with acquisitions contributing 7%.

• Recurring revenue remained ~87% of total; revenue growth, operating margins and cash conversion were consistent with Board expectations.

• On track to deliver FY 27 performance in line with market expectations: revenue £275.9m and underlying adjusted EBITDA £50.8m.

• Medium-term ambition remains annual revenue above £500m; technology investment, including AI tools, is expected to support margin progression over time.

Acquisitions and growth drivers

• Baker Tilly South-East Europe and Moore Stephens UAE are performing in line with expectations; integration has progressed well and the M&A pipeline remains strong.

• Demand remained resilient, particularly for audit and assurance amid regulatory complexity, and for high-quality advisory services.

• Financial services, professional services, real estate and construction, and automotive and transport each recorded double-digit revenue growth YoY.

• Closer collaboration across service lines is creating opportunities to provide more services to existing clients.

Results and presentations

• Interim results for the six months ended 30 September 2026 scheduled for 19 November 2026, with an in-person analyst presentation that morning.

• Live presentation for existing and potential shareholders scheduled for 20 November 2026.