The first half of 2024 saw Elixirr maintain its strong growth trajectory, consistently outperforming the consulting market. The Elixirr Group has reported record-breaking financial results, with an impressive 28% year-on-year revenue growth, reaching £53.0 million. With four record-breaking months, the firm has experienced increasing demand for its services, driven by its commitment to innovation and the successful integration of strategic acquisitions. These results highlight Elixirr’s ongoing momentum and robust growth. 

Financial Highlights 

• H1 24 revenue increased by +28% compared to H1 23 to £53.0m (H1 23: £41.6m) 

• Adjusted EBITDA margin of 29% (H1 23: 30%) 

• Adjusted EBITDA increased by +23% to £15.1m (H1 23: £12.3m) 

• Organic growth of +14% from previous comparable period  

• Adjusted diluted EPS increased +16% to 21.5p (H1 23: 18.5p) 

• Free cash flow doubled from previous comparable period to £7.0m 

Strategic Acquisitions and Integration Success 

Elixirr’s recent acquisitions have been instrumental to its continued success. Having successfully integrated Insigniam and Elixirr AI (formerly Responsum), both have demonstrated impressive performance. 

The rebranding of iOLAP to Elixirr Digital further strengthened the firm’s digital capabilities, enhancing its service offering to clients. Cross-sell revenue surged by 82%, reaching £8+ million, demonstrating the success of Elixirr’s strategic acquisitions. 

The firm has not only focused on expanding its service offering but also deepening relationships with key clients. Elixirr’s number of £1 million+ clients increased from 18 in H1 2023 to 22 in H1 2024, exemplifying its ability to deliver consistent value across multiple sectors. 

Industry Recognition and Key Milestones 

Elixirr was also recently recognised for the first time on Forbes’ 2024 World’s Best Management Consulting Firms list. This accolade affirms Elixirr’s position as a leader in the consulting industry and serves as a testament to the innovative business model and talented team. 

Additionally, the firm reached an important employee milestone with the first vesting of share options for team members who joined prior to its IPO. This reflects the company’s commitment to rewarding its employees and sharing in the success of its rapid growth.  

Leadership and Strategic Appointments 

Elixirr continues to build a diverse and experienced leadership team. The firm welcomed tech entrepreneur Nicola Hartland as a new Partner, who has already secured over fifty new sales opportunities. In addition, the promotion of Portia Thornhill to General Counsel reflects the firm’s commitment to nurturing internal talent. The team also expanded with the addition of two new Partners to lead the growth of its cybersecurity and financial services practices. 

Strong Outlook for FY 2024 and Beyond 

The outlook for the rest of 2024 remains strong, with Elixirr reaffirming its revenue guidance of £104 – £110 million and maintaining an adjusted EBITDA margin of 27% – 29%. The firm’s clear four-pillar growth strategy—stretching existing partners, promoting from within, hiring new partners and acquiring businesses—continues to deliver outstanding results. 

Stephen Newton, Founder and CEO, commented: 

“This record-breaking earnings cycle demonstrates that our four-pillar growth strategy continues to deliver. Our entrepreneurial mindset and ambition to push the boundaries of what’s possible have led to a year of impressive ‘firsts.’ Being recognised on Forbes’ 2024 list of the World’s Best Management Consulting Firms is further testament to our talented team as we work towards becoming a $1 billion company in the next few years.” 

With a strong foundation laid in the first half of 2024, Elixirr is poised for continued success. The firm remains committed to delivering value to its shareholders, clients and employees as it continues to innovate and expand in the global consulting landscape.

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