Growth for accounting and advisory firm – Scottish Business News

 Leading accounting and advisory firm MHA, the UK and Ireland member of Baker Tilly International, is pleased to release a comprehensive overview of its financial performance for the first time.

Revenues reported for the year ended 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%.

The addition of Scottish offices contributed to MHA’s success. MHA merged with Aberdeen’s Meston Reid & Co in September 2023, and a similar deal was completed with Edinburgh accountancy firm Geoghegans in February 2024. Both offices are looking to recruit additional staff.

By sector

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, the headcount is now 1820 people across 24 offices with 136 partners.

This latest merger caps a busy 12 months for MHA, having added offices in Scotland and Wales for the first time, as well as the recent merger with MHA Moore & Smalley.

On 1 July 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 has 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 is also a member of the UN Race to Zero campaign and has won the Baker Tilly Member Firm of the Year award.

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

Euan Fernie, Partner MHA, Edinburgh, said, “Following our merger earlier this year, we are delighted to be part of MHA’s success story and to see the firm continuing to thrive. From a Scotland perspective, we are focused on expanding our teams in both Aberdeen and Edinburgh. Additionally, we remain open to further mergers in Scotland, provided the right opportunities arise.”