Elixirr International reports record first-half revenue

23rd Sep 2024 11:38

(Sharecast News) - Consulting firm Elixirr International reported record first-half revenue of £53m on Monday, marking a 28% increase compared to £41.6m in the same period last year.

The AIM-traded company said organic revenue growth for the six months ended 30 June stood at 14%, driven by robust demand for its range of consulting services.

Adjusted EBITDA rose 23% to £15.1m, with an adjusted EBITDA margin of 29%, slightly below the prior year's margin by one percentage point.

Profit before tax increased 22% to £12m, and adjusted diluted earnings per share grew 16% to 21.5p.

The firm also reported a strong balance sheet, with net cash rising to £22.1m from £19.5m in the first half of 2023.

Operationally, Elixirr said it continued to outperform the broader consulting market, advancing its four-pillar growth strategy.

The firm generated over £8m in cross-sell revenue, an 82% increase from the first half of 2023, reflecting the value created from recent acquisitions.

It said the partner team expanded with the hiring of a new UK partner in the half-year, and two additional partners shortly after the period ended, enhancing expertise in cybersecurity and financial services.

Additionally, Elixirr promoted its first partner from within an acquired business.

The company also saw an increase in its client base, growing the number of £1m-plus clients from 18 to 22 and adding over 30 new clients through enhanced brand visibility and networking efforts.

Revenue per client-facing partner rose 2% to £2.09m, underscoring the effectiveness of recent investments in the partner team.

Elixirr noted that it was recognised by Forbes on the 'World's Best Management Consulting Firms 2024' list.

The company maintained its full-year financial guidance, expecting total revenue between £104m and £110m and an EBITDA margin in the range of 27% to 29%.

Since the period ended, Elixirr saw the first vesting of employee options in July, with 97% of option holders choosing to retain their equity, reflecting confidence in the company's future.

"We do things differently at Elixirr and our performance in the first half of the year further proves that our strategy and model is working," said chief executive officer Stephen Newton.

"Alongside our exceptional results, I am delighted that earlier this year the first tranche of pre-IPO options became exercisable for some of our team, which we satisfied through the EBT rather than diluting our shareholders.

"We expect this strong performance to continue for the rest of the year."

At 1048 BST, shares in Elixirr International were up 3.02% at 649p.

Reporting by Josh White for Sharecast.com.