UK small-cap RNS · 7 May 2026

After a year of falling profits, the Board says the strong start and current momentum have raised its confidence in expectations for 2026. That is firmer than the March 'positive momentum' comment.

Reiterates the FY26 guidance given on 9 March (revenue c.£150m, adjusted PBT £9.8-10.2m) and says Controls volumes keep recovering, but plastics costs are rising and the Middle East conflict clouds demand.

("MHA", the "Company" and together with its subsidiaries the "Group")

Q1 shows AuM and fee-paying AuM growing on Private Credit IV fundraising, with FY26 Investment Company return expectations unchanged despite volatile markets, so the trading story is confirmed.

First quarter performance in line with expectations with improving operating margins

Q1 matched expectations with 6.2% organic growth (against a weak comparator) and 2026 guidance is unchanged. After FY2025's margin fall, this supports the stabilisation story, but nothing is raised.

Operating income rose 9.4% on better markets, but FUMA fell to £113.6bn on market moves and net outflows of £0.8bn continued, so organic growth is still absent, though wealth flows are stabilising.

Revenue rose 13.9% in four months, helped by ETS and fuel surcharges, and RoRo freight grew 5.2%. Cars and container teu fell, and Middle East fuel costs add uncertainty.