MHA AIM:MHA

Rising regulatory and compliance complexity driving demand for audit, tax and advisory services

Structural drivers of growth include increasing compliance and regulatory requirements and growing client demand for multi-service advice

Big Four retreat from the mid-market audit space

Non-Big Four firms increased their share of UK public interest entity audit engagements from 22% in 2020 to 40% in 2024 (FRC, Dec 2025)

Operating leverage and disciplined cost control post-IPO

Adjusted EBITDA margin improved to 18.5% (FY25: 18.4%) with operating leverage and disciplined cost control more than offsetting additional overheads of operating as an AIM-listed company

Change from partnership profit-share to plc remuneration structure

FY26 reflects post-IPO structure where partner remuneration is a charge to profit, versus FY25 pre-IPO structure where it was a profit allocation - statutory profit not directly comparable between years

£1.0m charge: Cost of listing on AIM (IPO costs)

We enter FY27 with a broader platform, an attractive pipeline and a demand environment that remains supportive of high-quality professional advice; the Board sees a clear path for growth ... confident in the delivery of our medium-term ambition of generating annual revenues in excess of £500 million.

On 2 April 2026, the Company completed the acquisition of Moore Stephens LLC and Moore Stephens Consulting LLC (together 'MHA UAE') for total consideration of approximately AED30m (c.£6.2m) on completion, 50% cash/50% new Ordinary Shares, with a further completion-accounts payment of approximately AED2.4m (c.£0.5m) also split 50/50 cash/shares

Progressive dividend policy adopted at IPO with quarterly interim payments. FY26 total dividend 5.2p per share, comprising three interim dividends of 1.0p each (paid Dec 2025, Apr 2026, Jul 2026) plus a proposed final dividend of 2.2p per share (payable 25 September 2026, subject to AGM approval).

Auditor Crowe U.K. LLP (senior statutory auditor Matthew Stallabrass) issued an unqualified (unmodified) opinion; no material uncertainty related to going concern identified. Directors adopted going concern basis after stress-testing central and severe downside scenarios (10% demand decline) to 30 September 2027; Group had net assets of £54.8m, cash of £28.5m and an undrawn £5m overdraft facility at year end. Key Audit Matters: (1) revenue recognition and valuation of contract assets/liabilities; (2) IFRS 10 control assessment of MHA Audit Services LLP; (3) BTSEE business combination accounting (bargain purchase gain and intangible valuation).