MHA announce record 2024 revenues up by nearly 30%

MHA, the UK and Ireland member of Baker Tilly International, has released a comprehensive overview of their financial performance for the first time.

The firm, which ranked 14th in Accountancy Age’s 50+50 in 2023, reported revenues  for the year end 31 March 2024 were £180m, an increase of 27% on £142m reported in 2023 with nearly all of MHA’s offices experiencing significant double-digit growth in the year.

Revenue has doubled in the last 4 years from £90m in 2020. All of MHA’s service lines showed growth with audit and tax being the most significant.  Audit & Assurance was up 49% from last year and Tax up by 20%.

“MHA has experienced a remarkable 12 months, with growth coming both organically, as well via mergers in significant new regions,” said Rakesh Shaunak, Group Chairman and Managing Partner.

“We will continue to move with purpose, pace and an ambitious growth mindset, but it is important I take this opportunity to thank all our clients and hard-working staff without whom growth would not be possible.   There is much more to come and I look forward to further announcements in the near future as we expect double digit organic growth for 2025 and beyond.”

Sector breakdown

All of the firms top six sectors grew significantly in the past 12 months capping significant expansion since 2020.

Sector                                                  2024 growth                            Expansion since 2020

Headcount and expansion

With the addition of two new Irish offices this month headcount is now 1820 people across 24 offices with 136 partners. This latest merger caps a busy 12 months for MHA, having opened offices in late 2023 in Scotland and Wales for the first time, as well as the recent merger with MHA Moore & Smalley.

On 1 July, 2024, MHA announced a merger with Roberts Nathan to form a new firm which will go to market as Baker Tilly in the Republic of Ireland with the intention of creating 100 new jobs over the next two years to bolster the 70 existing staff and partners.  The new roles will range from graduates to experienced professionals in Dublin and Cork, spanning audit, advisory, and tax services.

Achievements last year

Over the last 12 months the firm has also achieved its Investors in People Gold award which only 17% of IIP accredited organisations achieve, demonstrating a clear commitment to their people.

MHA has also been accepted into the UN Global Compact Network as a key participant in the audit accountancy & assurance sector.  As members, MHA have devised an operationally aligned internal ESG Framework that embeds the UNGCN’s 10 Principles of social and environmental sustainability and the UN Sustainability Development Goals into the firm.  MHA are also members of the UN Race to Zero campaign and won the Baker Tilly member firm of the year award.