MHA delivered an excellent FY25 performance, with revenue up 45% YoY (+20% organic) and adjusted EBITDA (on a PLC remuneration basis) rising 32% YoY to £41.1m – marginally ahead of our upgraded forecasts, following the positive year-end trading update. Recurring revenue represented c.87% of the total, highlighting the resilience of the business model, while all service lines and core sectors posted solid growth. The outlook remains encouraging, underpinned by long-term structural growth drivers ....
