Elixirr delivers record FY 25 with 34% revenue growth as its AI-enabled model scales

Elixirr announces its final results for the year ended 31 December 2025 (FY 25). The Group delivered record revenue of £149.6 million, up 34 per cent year-on-year (FY 24: £111.3 million), alongside sustained industry-leading margins, as its AI-enabled, senior-led model continues to scale globally. 

FY 25 financial highlights: 

• Revenue increased 34% to £149.6m (FY 24: £111.3m) 

• Gross profit increased 39% to £49.7m (FY 24: £35.8m) 

• Adjusted EBITDA increased 42% to £44.3m (FY 24: £31.2m) 

• Adjusted EBITDA margin increased to 29.6% (FY 24: 28.0%) 

• Adjusted profit before tax increased 38% to £41.0m (FY 24: £29.7m) 

• Adjusted diluted EPS increased 36% to 58.7p (FY 24: 43.1p) 

• Free cash flow increased 11% to £31.1m (FY 24: £28.1m) 

• Total dividend for the year increased 27% to 22.6p per share (FY 24: 17.8p), including a proposed final ordinary dividend of 15.0p per share payable in August 

A key driver of this performance was the firm’s continued investment in AI, data and technology capabilities, with AI-enabled work representing the fastest-growing part of the business. This reflects deeper embedding of AI into client delivery and internal operations, enhancing productivity and supporting its differentiated, senior-led model. 

The firm now embeds over 45 internally developed AI tools across its workflows, underpinned by an advanced data layer that structures the firm’s knowledge base – including proposals, past projects and deliverables – into a reusable asset. As a result, key processes such as proposal development now take around 10% of the time they previously required, with similar efficiencies realised across statement-of-work generation, legal reviews and knowledge management. 

Elixirr’s senior-led, non-pyramidal model is structurally aligned to an AI-enabled consulting market. As AI automates repetitive, lower-value tasks that underpin traditional pyramid-based, time-and-materials models, Elixirr’s model is inherently advantaged, enabling the firm to integrate AI seamlessly and deliver higher-value, outcome-focused work for clients and shareholders. 

The Group also continued to broaden its platform in 2025 through its largest acquisition to date of Chicago-based TRC Advisory, strengthening its capabilities in growth strategy, pricing and commercial effectiveness. Post year-end, in January 2026, Elixirr acquired Copenhagen-based Kvadrant Consulting, establishing its first Nordic foothold and further enhancing its commercial transformation and transaction services capabilities. Since IPO, the Group has generated over £80 million of cross-sell revenue, demonstrating the strength of its integrated platform and multi-capability delivery. 

Since IPO, Elixirr has significantly diversified across geographies, industries and capabilities, strengthening the resilience and scalability of the Group. This has been supported by continued investment in senior talent, with recent Partner hires and promotions bringing deep expertise in AI, data and technology transformation, reflecting a deliberate expansion of the Group’s capabilities. The US is now its largest market, accounting for 63% of FY 25 revenue. 

Throughout FY 25 the company also deepened relationships with major clients, increasing the number of clients generating more than £1 million of annual revenue from 27 in FY 24 to 34, and completed its transition to the Main Market of the London Stock Exchange, supporting its ambition for future FTSE 250 inclusion and reinforcing the scalability of its model. 

Stephen Newton, Founder and CEO of Elixirr, commented,

Across the last year we showed what Elixirr can do at scale. We grew into a larger, more international business, adding to our capabilities and expanding across the US and Europe, while still delivering record revenues and preserving our margin discipline. That combination of growth and control reflects a business model that truly works, powered by ambitious, equity‑aligned people and long‑standing, trusted relationships with our clients. Technology, and particularly AI, is playing a bigger role in how we deliver for clients and how we run our own business. As client expectations evolve, we are seeing increasing demand for outcome‑focused advisory that blends strategic judgement with technology and data – which is exactly where Elixirr sits. AI is a core driver of our growth, helping us work smarter, accelerate critical processes and further improve the quality and consistency of our work. As we look ahead, the combination of our scalable platform, broadening client base and robust balance sheet gives us real conviction in our path forward – both in continuing to grow the business and in realising our goal of joining the FTSE 250.

Current trading and outlook 

• Record Q1 revenue in FY 26, with strong visibility for the remainder of the year and a robust pipeline across key markets, particularly for transformation‑led and technology‑enabled advisory services 

• Integration of recent acquisitions progressing well, with TRC performing strongly and early cross‑sell activity across TRC and Kvadrant Consulting validating the strategic rationale for both transactions 

• Ongoing investment in AI, data and technology capabilities, embedding AI more deeply into both client delivery and internal operations to drive productivity, differentiation and margin resilience 

• Continued focus on disciplined execution and capital allocation, supported by an extended revolving credit facility that provides strategic flexibility for future growth opportunities 

Operating highlights 

• AI and technology as growth enablers, with AI‑enabled engagements increasing significantly as a proportion of Group revenue and representing the fastest‑growing area of the business 

• Number of clients generating more than £1 million of annual revenue increased from 27 in FY 24 to 34 in FY 25, broadening the Group’s base of significant, long‑term relationships and enhancing revenue resilience 

• Revenue per client‑facing Partner increased to £4.4m (FY 24: £4.1m), driven by deeper account penetration, cross‑sell across capabilities and disciplined rate realisation 

• Strengthened leadership with the appointment of two new Partners and the promotion of three individuals to Partner, supporting the Group’s continued growth and capability expansion, with a further four Partners already hired in FY 26  

• Completion of the acquisition of TRC Advisory in Chicago during FY 25 and Kvadrant Consulting in Copenhagen shortly after the year end, broadening the Group’s platform across growth strategy, pricing and commercial effectiveness, commercial transformation and transaction services, and enhancing its offering to industrial, corporate and private equity clients