Professional services group expands to 104 employees and six partners across its Cardiff and Swansea offices
PROFESSIONAL services firm MHA has reported an eight per cent increase in revenue from its Welsh operations during its first full financial year as a publicly listed company.
The group, which provides audit, assurance, tax, accountancy and business advisory services, generated revenue of £9.4 million from its offices in Cardiff and Swansea during the year ending March 31, 2026.
MHA entered the Welsh market in 2023 through mergers with established accountancy practices Gerald Thomas in Swansea and Cardiff-based firms Watts Gregory and HJE Healthcare Accountants.
The business has since expanded to employ 104 people across Wales, including six partners.
James Dobson, MHA partner and chief operating officer for Wales, said the firm’s growth had been driven by investment in its workforce and the relationships developed with clients.
He said: “We have hired some of the best accountancy and advisory talent in South Wales, while giving colleagues the opportunity to grow and develop within the firm.
“This has helped us build deep and meaningful relationships with our expanding client base, enabling our team to provide the best possible support while drawing on the international expertise of our Baker Tilly International counterparts.
“The growth achieved over the past year is a testament to the expertise and commitment of everyone at MHA in Wales, as well as the trust placed in us by our clients. We are excited to continue building on that success.”
Across the wider group, MHA’s revenue increased by 12 per cent, rising from £224.1 million to £251.3 million.
The increase included organic growth of 6.4 per cent and acquisition-led growth of 5.8 per cent, partly reflecting the purchase of Baker Tilly South-East Europe in August 2025. MHA also completed its acquisition of Moore Stephens UAE shortly after the financial year ended.
Adjusted earnings before interest, tax, depreciation and amortisation rose by 13 per cent to £46.5 million, ahead of market expectations. Adjusted profit before tax increased by seven per cent to £39.1 million.
MHA chief executive Rakesh Shaunak said the results provided an encouraging start to the company’s life on the public markets.
He said: “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.”
Mr Shaunak said the company’s listed status also allowed it to offer share incentives and potentially more attractive career paths to employees.
MHA expects to recruit at least 170 graduates and apprentices during the 2027 financial year, slightly more than the 160 recruited during the previous year.
The firm received around 26,000 applications for those positions last year, equivalent to more than 150 applicants for every available role.
MHA said its future growth would be supported by continued investment in technology, artificial intelligence, specialist expertise and acquisitions in the UK and overseas.
The company has set a medium-term target of generating annual revenue of more than £500 million.
Picture: James Dobson, MHA partner and chief operating officer for Wales
