Elixirr International posts solid set of final results

Challenger consultancy Elixirr International reported a solid financial upswing in its final results on Monday, with revenue up 20% year-on-year at £85.9m.

The AIM-traded firm said adjusted EBITDA added 24% to £25.4m, with a margin of 30%.

Profit before tax soared 40% to £22.1m for the 12 months ended 31 December, while adjusted diluted earnings per share rose 22% to 37.2p.

Despite a slight dip in year-end net cash to £18.1m, Elixirr announced a substantial 37% increase in the total dividend to 14.8p per share.

Looking ahead, the company said it anticipated sustaining its momentum throughout the 2024 financial year, supported by a strong pipeline and three record revenue months in the first quarter.

Revenue for the year was projected to range between £104m and £110m, with an adjusted EBITDA margin expected to fall within 27% to 29%, accounting for Insigniam's acquisition impact.

Operationally, Elixirr continued its strategic growth initiatives, including enhancing revenue per partner by 7% to £3.9m, and bolstering its partner ranks through successful hires and internal promotions.

The acquisition strategy remained pivotal, with notable acquisitions such as Responsum and Insigniam positioning the company well in the realms of technological innovation and organisational transformation.

“2023 highlighted Elixirr's ability to thrive, outperforming both competitors and the global consulting market,” said founder and chief executive officer Stephen Newton.

“Our continued growth is a testament to the quality of our team, and the value we deliver to our clients.”

Newton said the company continued to invest in its four-pillar growth strategy, further diversifying its offering and enabling it to solve “new and interesting challenges” for clients.

“Our equity incentive model continues to disrupt the market, solidifying our reputation as the challenger consultancy and setting us up for continued success.”

At 1402 BST, shares in Elixirr International were up 1.55% at 589p.

Reporting by Josh White for Sharecast.com.