Elixirr outperforms consulting market with 30 percent revenue growth in FY 24 and announces intent to move to Main Market

Elixirr International plc, the established, global, award-winning challenger consultancy, announces its final results for the year ended 31st December 2024 which saw revenue of £111.3 million, up 30 percent from the financial year ended 2023. Continued growth and demand for the firm’s strong service offering, alongside increased industry recognition, saw Elixirr achieve six record revenue months for FY 24. 

The firm also announces its intent to move to the Main Market of the London Stock Exchange this year after demonstrating stellar business performance since its AIM IPO in 2020. Elixirr has more than quadrupled its revenue and EBITDA since 2019 and acquired 6 businesses since its AIM IPO to diversify its offering and expand its global presence. 

Progressing to its next growth phase, the Main Market will provide the firm with a stronger platform to elevate its brand profile, unlock access to deeper pools of capital, attract global investment, and compete more credibly with the world’s largest consulting firms. 

FY 24 financial highlights include:  

• FY 24 revenue increased 30% to £111.3m (FY 23: £85.9m) 

• Adjusted EBITDA increased 23% to £31.2m (FY 23: £25.4m) 

• Adjusted EBITDA margin of 28.0% (FY 23: 29.6%)  

• Underlying organic revenue growth of 13% YoY  

• Adjusted diluted EPS increased 16% to 43.1p (FY 23: 37.2p) 

• Free cash flow increased 74% to £28.1m (FY 23: £16.1m) 

Alongside strong financial results, Elixirr also expanded its global presence in 2024, completing the successful acquisition of Hypothesis, a leading US-based insights and strategy firm, which both complemented and strengthened Elixirr’s research and insights expertise. This strategic acquisition bolstered the firm’s US footprint with this market generating 55% of revenue in FY 24.  

Elixirr also welcomed four new Partners to the team, including one through acquisition, and made one internal promotion to Partner. As a result of continued growth and the diversification and expansion of the Group’s service offering, Elixirr increased its Partner revenue targets for FY 24, resulting in £4.1m per client-facing Partner, up 6% from FY 23 (£3.9m) and 35% since the firm’s 2020 AIM IPO. 

Stephen Newton, Founder and CEO of Elixirr, commented, “FY 24 has been an exceptional year for Elixirr. Our continued strong growth, record-breaking revenues, and industry-leading profitability is a testament to the commitment of our team and the trust our clients place in us. As we expand our market access through our growing client base, we remain dedicated to building a firm that is focused on helping our clients navigate the technology of today and tomorrow. Our momentum is stronger than ever, and with our planned move to the Main Market, we are well-positioned to unlock even greater opportunities for our shareholders, clients and our people in the years ahead.” 

Current trading and outlook 

• Strong start to FY 25 with Q1 being a record quarter for the firm  

• While no revenue and EBITDA guidance for FY 25 is being provided directly by the Company in line with market norms before a Main Market listing, the Group remains confident in its outlook, underpinned by geographic, sector and capability diversification 

• The planned transition to the Main Market will further strengthen the outlook for FY 25 by enhancing Elixirr’s investor proposition and platform for long-term growth 

Operating highlights 

• The acquisition of Hypothesis Group significantly enhanced Elixirr’s research and insights capabilities, opening doors to new blue-chip clients and markets 

• Elixirr’s brand has become a powerful revenue generator, with significant recognition in 2024 including being named on Forbes’ World’s Best Management Consulting Firms list for the first time  

• Increase in number of £1m+ clients from 19 (FY 23) to 27 demonstrating its ability to maintain and deepen relationships with clients 

For more on Elixirr’s FY 24: