Elixirr announces strong results for FY23 as revenue grows by 20 percent  

Elixirr International plc (AIM:ELIX), the established, global award-winning challenger consultancy, announces its final results for the year ended 31st December 2023 which saw revenue of £85.9 million, up 20 percent from the financial year 2022. 

Financial highlights include:  

• FY23 revenue increased +20% to £85.9 million (FY22: £71.7m) 
• Adjusted EBITDA increased +24% in absolute terms to £25.4 million (FY22: £20.5m) 
• FY23 adjusted EBITDA margin increased to 30% (FY22: 29%)  
• Underlying organic revenue growth was 15% YoY (net +£10.4m revenue), with £11.5m growth from existing clients and £10.4m growth from new clients​ 
• Adjusted diluted EPS increased +22% to 37.2p from FY 22 (30.5p) 
• Free cash flow increased +11% to £16.1m (FY22: £14.6m) 

Our Year In Action

Alongside strong annual results, Elixirr also completed two successful acquisitions in 2023 to diversify its service offering and expand its global presence as the firm strives to become the best digital, data and AI consulting firm in the world. These included the organisational change and transformation firm, Insigniam, and the artificial intelligence firm, Responsum. Elixirr welcomed five new Partners from these acquisitions and seven other new Partners during 2023.  

Stephen Newton, Founder and CEO of Elixirr, commented:

“Despite uncertain market conditions, 2023 was another fantastic year for Elixirr. This is testament to the tenacity of the team and how we have proactively diversified our business across geography, industry and capability to make us more resilient to macro-economic cycles. 

We have observed a shift in client needs over FY23 and, as a result, we have made strategic moves as a business to ensure we continue to meet evolving client expectations. We’ve done this by significantly investing in growing markets such as AI, data, change and transformation.  

We continue to pursue our ambition of becoming the best digital, data and AI consulting firm in the world, centred around the technology of tomorrow while maintaining our strategic acumen, boutique agility, and disruptive approach to consulting.”

Current Trading & Outlook 

1. Guidance of £104m – £110m revenue for FY24, at an adjusted EBITDA margin of 27% – 29% 
2. Strong start to FY24 with three record revenue months in Q1 
3. Given the track record of sustained profitability and cash generation, and in line with comparable companies, the Board has decided to declare two dividends per year, with an interim dividend payable shortly after the end of the financial year and a final dividend payable in August 
4. The second dividend for FY23 of £4.5m, payable in August, will be funded from the Group’s existing cash reserves – a total dividend increase of 37% 

Operating Highlights 

• Average revenue per partner grew to £3.9m (FY22: £3.6m) 
• Elixirr welcomed 7 new partners (excluding acquisitions), 4 of whom have been promoted from within 
• Completed 2 great acquisitions which opened doors to new clients, markets and capabilities, and have generated significant growth potential: 

• Responsum: An artificial intelligence firm which has developed proprietary software, enabling Elixirr to support clients from strategy through to execution in the AI space. The AI industry is expected to grow twentyfold by 2030, up to two trillion USD 
• Insigniam: A global firm of market leaders in organisational breakthrough, innovation and transformation for more than 35 years, with a presence in the US and Europe. Insigniam has strong networks in complementary industries where Elixirr has less of a presence: healthcare, biopharmaceuticals, retail and consumer packaged goods. They specialise in supporting clients and executives to define and navigate large scale change and transformation and +£9m new work has been contracted since the acquisition (as of 03/04/2024) 
• Through these acquisitions, Elixirr welcomed in 5 new partners: Founder of Responsum, Steve Steinberg; Founders of Insigniam, Shideh Sedgh Bina and Nathan Rosenburg; and Insigniam partners Jennifer Zimmer and Katerin Le Folcalvez 

• Multiple accolades including being named in the Financial Times’ 2023 ‘UK Leading Management Consultants’ list, earning a place on the Global Outsourcing 100® by the International Association of Outsourcing Professionals, being recognised as a Top Consulting Firm by Consultancy.UK and being shortlisted for the In-house Recruitment Awards 2023 
  
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