Elixirr upgrades expectations after strong year

The AIM-traded company recorded a revenue increase of 40% to £70.7m in 2022, while its adjusted EBITDA advanced 30% to £20.5m, and its profit before tax rose 29% to £15.7m.

Its adjusted diluted earnings per share also increased, by 26% to 30.5p, compared to 24.2p in the 2021 financial year.

However, the company's adjusted EBITDA margin decreased to 29% from 31% year-on-year.

Elixirr International reported a net cash position of £20.4m at year-end, down from £31.8m at the end of 2021.

Despite that, the company still increased its final dividend by 163% to 10.8p per share, from the 4.1p distribution a year earlier.

Elixirr said its current trading and outlook were positive, with momentum accelerating in the first quarter, reporting three record revenue months and absolute revenue growth of 52%.

The firm also reported strong pipeline growth for the rest of 2023.

As a result, the board upgraded the company’s 2023 expectations to revenue of between £85m and £90m, and an adjusted EBITDA margin of 28% to 30%.

“2022 proved Elixirr's consistent ability to perform from both a revenue and profit perspective,” said founder and chief executive officer Stephen Newton.

“This year we continued to leverage, and further invest in, our four-pillar growth strategy, enabling us to deliver exceptional growth despite challenging market conditions.

“Our equity incentive model is reinforcing an entrepreneurial culture of exceptional quality as we scale and this, combined with the breadth of our capabilities, will continue to set us apart from our industry in 2023 and beyond.”

At 1151 BST, shares in Elixirr International were up 2.04% at 500p.

Reporting by Josh White for Sharecast.com.