FY25 results: 34% revenue growth and 42% EBITDA lift powered by AI demand
I like a set of numbers that do the talking. Elixirr International has posted record FY25 results, with revenue up 34% to £149.6 million and adjusted EBITDA up 42% to £44.3 million. The margin pushed up to 29.6%, showing this growth is profitable, not just busy. A bigger final dividend caps it off, while the company leans into AI, cross-sell and US expansion.
Key numbers investors should know
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | £149.6m | £111.3m | +34% |
| Adjusted EBITDA | £44.3m | £31.2m | +42% |
| Adjusted EBITDA margin | 29.6% | 28.0% | +1.6pp |
| Adjusted profit before tax | £41.0m | £29.7m | +38% |
| Adjusted diluted EPS | 58.7p | 43.1p | +36% |
| Free cash flow | £31.1m | £28.1m | +11% |
| Total dividend per share | 22.6p | 17.8p | +27% |
| Year-end net cash/(debt) | (£24.1m) | £7.5m | N/A |
Where revenue was earned
| Geography | FY25 revenue |
|---|---|
| USA | £94.6m |
| United Kingdom | £32.4m |
| Rest of World | £22.6m |
The US now represents 63% of Group revenue (FY24: 55%).
What drove the performance: AI, cross-sell and bigger clients
AI is the growth engine. Management says AI-related revenue grew by more than 260% year-on-year, making it the fastest-growing segment. Over 45 in-house AI tools are embedded across workflows, cutting proposal generation to around 10% of the time it used to take and delivering internal results around 25% faster.
Elixirr’s senior-led, non-pyramidal delivery model looks designed for this shift. As low-value tasks get automated, the firm can focus on outcome-led work and pricing. A case study with a major European bank highlights the direction of travel: projected benefits of over £200 million over ten years, development cycles down to 2–6 weeks, and an 18% reduction in long-term tech run costs.
Client quality stepped up. £1 million-plus clients rose from 27 to 34, and more than 65% of the top 10 clients have been retained for over three years. Cross-sell continues to hum – over £37 million in FY25 alone (about 25% of Group revenue) and more than £80 million since IPO. Organic growth was 15.3%, with £14.5 million from existing clients and £16.8 million from new wins, partly offset by £14.3 million of end-of-programme attrition.
Main Market move and the FTSE 250 ambition
The July 2025 shift from AIM to the Main Market is more than a badge. It supports better liquidity, increases access to institutions and sets the scene for a potential FTSE 250 inclusion. That should help awareness and, over time, could tighten the valuation gap with larger consulting peers.
Current trading is reassuring: a record Q1 in FY26, in line with management expectations.
- Investor presentation: 21 April 2026, 13:00 BST via Investor Meet Company.
- Results materials: available at Elixirr Investors – Results.
Dividend upgraded again
The Board recommends a final dividend of 15.0p per share, payable in August 2026, taking the FY25 total to 22.6p – up 27% year-on-year. The final has a total cash cost of £7.5 million. For income-focused holders, this is a confident signal given the ongoing investment in AI and acquisitions.
Cash, debt and firepower
Elixirr finished FY25 with net debt of £24.1 million, mainly reflecting the TRC acquisition and EBT share purchases and earn-out payments across acquired businesses. Free cash flow remained strong at £31.1 million.
- Revolving credit facility increased to £65 million; US$20.25 million term loan added.
- Year-end headroom on the facility: £51.0 million.
- Covenants well covered – leverage 0.5:1 (max 2.5:1) and interest cover 22.0:1 (min 4.0:1).
On TRC specifically, the recognised contingent consideration liability at 31 December 2025 was £39.4 million, within a maximum potential of £47.8 million. Investors should note the usual earn-out uncertainty – it is linked to future performance.
M&A: TRC in the US and Kvadrant in the Nordics
TRC Advisory, acquired in September 2025, expands growth strategy, pricing and commercial effectiveness capabilities and deepens US reach. It contributed £8.5 million of revenue and £1.7 million of profit before tax in the post-acquisition period. If owned from 1 January 2025, Group revenue would have been £168.8 million and profit before tax £36.5 million.
Kvadrant Consulting was acquired on 30 January 2026 for up to £18.0 million. Initial consideration was £9.1 million in cash and £3.3 million in shares (415,213 new shares). Up to £5.5 million is contingent on performance. Kvadrant delivered FY25 revenue of £6.2 million with adjusted EBITDA of approximately £2.3 million, and provides a Nordic foothold and a stronger European platform.
The partner engine: productivity and promotions
Revenue per client-facing Partner rose to £4.4 million (FY24: £4.1 million), underscoring disciplined execution and deeper account penetration. Three internal promotions to Partner in FY25 and further additions in early FY26 add depth in AI, data and technology transformation. This “grow our own timber” approach matters because culture, pricing discipline and cross-sell often live or die with the Partner bench.
Why this matters for shareholders
- Structural tailwind: AI is changing how consulting is sold and delivered – Elixirr’s senior-led model looks aligned to outcome-based, tech-enabled work.
- Quality of earnings: higher-margin profile and more £1 million-plus clients point to better revenue resilience.
- Balance sheet flexibility: more headroom to fund selective M&A without immediate equity dilution, while maintaining covenant comfort.
What could go wrong? Key watchpoints
- Earn-outs and integration: contingent consideration for TRC (£39.4 million recognised) and other deals adds complexity and execution risk.
- Debt and rates: net debt moved to £24.1 million. Borrowings are floating-rate, so higher-for-longer rates would nibble at interest costs.
- US exposure: with 63% of revenue from the US, currency and macro swings there matter more.
- Working capital: debtor timing can move free cash flow around period-ends, as FY25 shows.
My take: profitable growth with real AI leverage
These are strong, broad-based results. Revenue and profit growth were both punchy, the margin ticked up, free cash flow stayed healthy, and the dividend stepped on. More importantly, the growth drivers are improving in quality: bigger clients, cross-sell, US scale, and tangible AI productivity – not just AI window dressing.
The move to the Main Market, record Q1 in FY26 and a deeper Partner bench all support the FTSE 250 ambition. The flip side is the familiar consulting playbook risk – integrations, earn-outs and utilisation discipline – now with a bit more leverage than last year. On balance, though, FY25 reads as controlled, profitable growth into a structural AI opportunity. One to keep on the watchlist for continued execution.
