MHA has made a positive start to its life as a PLC, announcing that FY25E will be ahead of our forecasts following a strong Q4, with progress made across each of the group’s divisions. Group revenue rose c.45% YoY to c.£224m (vs £216m forecast), while EBITDA (adjusted for a PLC remuneration structure) increased 32% YoY to £41m (vs £40.1m forecast). The Group’s outlook remains robust, underpinned by structural growth drivers and rising demand for regulatory-driven services. We align FY25E forecas ....