Elixirr’s record H1 2025: strong growth, bigger platform, bolder ambitions
Elixirr International plc has delivered a record first half, upgraded its market listing and signed its largest deal to date. Revenue jumped 35% to £71.4m, with organic growth of 17% – comfortably ahead of the UK consulting market’s c.3.6% growth forecast. Profitability stepped up too, and the Board says full-year trading is on track, with the acquisition of TRC Advisory set to enhance the outcome.
If you are new to the jargon: “organic growth” excludes acquisitions, “EBITDA” is a cash proxy for operating profit before interest, tax, depreciation and amortisation, and “adjusted” figures strip out items Elixirr deems non-underlying such as acquisition and listing costs.
Headline numbers investors can’t ignore
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | £71.4m | £53.0m | +35% |
| Organic revenue growth | 17% | n/a | – |
| Gross profit | £24.3m | £17.4m | +40% (34% margin) |
| Adjusted EBITDA | £21.5m | £15.1m | +42% (30.0% margin, +1.5pp) |
| Adjusted PBT | £20.1m | £14.5m | +38% |
| Adjusted diluted EPS | 29.0p | 21.5p | +35% |
| Free cash flow | £7.9m | £7.0m | +12% |
| Statutory profit for the period | £11.0m | £8.8m | +24% |
Five of the six months in the half year set new Group revenue records. New-client revenue rose to £9.4m (H1 24: £6.4m) while expanding work with existing clients added £9.7m. That mix tells you the brand is widening its reach while deepening relationships.
What drove the growth: cross-sell muscle and Partner productivity
Elixirr’s four-pillar strategy – stretch existing Partners, promote, hire and acquire – continues to do the heavy lifting. Revenue per Partner increased 8% to £2.3m, helped by stronger senior delivery leverage and a broader service range.
- Cross-sell revenue hit £14.7m in H1 25 – up 78% from £8.3m – as the Group monetised prior acquisitions across the portfolio.
- “Gold clients” – those generating £1m+ – rose from 22 to 31 on a trailing 12-month basis, a clear sign of stickiness and scaling engagements.
- Fresh firepower joined in the US and UK with Partner hires Stuart Stern and Conrad Troy, alongside internal promotions including Portia Thornhill, with Tash Rostance and Nick Greenwood effective October 2025.
In consulting, mix matters. Elixirr’s increasing blend of strategy, data, AI, digital and large-scale transformation work is lifting both utilisation and margin. Adjusted EBITDA margin improved 1.5 percentage points to 30.0%.
Main Market move and FTSE SmallCap entry add visibility
On 1 July 2025, Elixirr moved from AIM to the Main Market of the London Stock Exchange. The company says it met key performance benchmarks such as the Rule of 40 and Rule of 50 (a shorthand checklist combining growth and margin), and it will join the FTSE SmallCap Index from 22 September 2025. Listing costs of £0.8m were recognised in H1 25, with total Main Market costs of £1.5m.
Why it matters: the Main Market broadens the pool of potential investors, improves index inclusion and typically leads to higher governance and reporting standards – all positives for the equity story.
TRC Advisory acquisition – strategic fit and scale
Post period end, Elixirr acquired TRC Advisory, a US strategy consultancy focused on growth strategy and value creation, pricing excellence, commercial effectiveness and resource productivity. It is the Group’s largest acquisition to date and brings six new Partners with particular strength in industrials and manufacturing.
Deal structure and funding
- Maximum enterprise value: US$125m.
- Initial consideration: US$41m in cash plus US$16m via 1,428,526 new Ordinary shares issued at £8.20.
- Contingent consideration: up to US$68m, split between a top-up of up to US$32m based on FY 25 EBITDA, and earn-outs of up to US$36m over FY 26-FY 28, payable in cash or shares at the company’s discretion.
- Funding support: revolving credit facility increased to £65m and an optional US$20.25m term loan.
Why it matters: TRC deepens Elixirr’s US footprint and adds high-value pricing and go-to-market skills that tend to be margin accretive. The cross-sell track record – £14.7m in H1 25 – suggests there is execution muscle to integrate and monetise.
Cash, debt and dividends – the balance sheet picture
Elixirr moved to net debt of £6.8m at 30 June 2025 from net cash a year earlier. Cash was £2.8m and £9.7m was drawn on the revolving credit facility. The RCF margin ranges from 1.95% to 2.60% over SONIA or SOFR, depending on leverage.
What drove the swing: £12.1m of net Employee Benefit Trust share purchases and £4.8m of earn-out payments. Free cash flow rose 12% to £7.9m, a smaller increase than EBITDA due to working capital outflows after a particularly strong collections base at December 2024.
Dividends remain meaningful. An interim dividend of 6.3p per share was paid in February 2025 and a final dividend of 11.5p per share was paid on 20 August 2025 – FY 24 dividends totalled £8.4m. Net assets fell to £120.1m, affected by higher EBT share holdings, £5.6m of FX translation losses from a weaker US dollar, and the dividends paid.
Operational proof points
- Recognition on Forbes’ World’s and America’s Best Management Consulting Firms 2025 lists and the FT’s UK Leading Management Consultants 2025 – brand momentum is real.
- Delivery highlights included a global ERP transformation across 140 countries, a new IT operating model for a multinational facilities company, and a data-AI roadmap for a major US consumer goods client.
- The South Africa Data and AI Academy graduated its second cohort, illustrating investment in talent pipelines and cost-effective delivery hubs.
Key positives and what to watch
What looks encouraging
- Growth outperformance – 17% organic vs c.3.6% market forecast and five record revenue months.
- Margin expansion – adjusted EBITDA margin up to 30.0% with gross margin at 34%.
- Client development – “gold clients” up to 31 and cross-sell up 78% to £14.7m.
- Strategic platform – Main Market listing and FTSE SmallCap entry should support liquidity and profile.
- TRC deal – compelling US strategy and pricing capability that fits the cross-sell playbook.
What needs monitoring
- Leverage and dilution – net debt of £6.8m, a larger £65m RCF, and potential share issuance from TRC earn-outs could weigh on per-share metrics.
- Cash conversion – free cash flow rose 12% vs 42% EBITDA growth, reflecting working capital timing. Sustained conversion will be key as the Group scales.
- FX sensitivity – £5.6m translation losses show exposure to USD movements.
- Integration risk – TRC is the largest acquisition to date with up to US$68m contingent consideration. Execution discipline is critical.
Outlook and my take
The Board remains confident in delivering organic FY 25 results in line with market expectations, enhanced by TRC. There is no numeric guidance, but the operating momentum, Partner bench strength and cross-sell engine are all pointing the right way.
My view: this is a high-growth, high-return consultancy that continues to scale sensibly. The combination of double-digit organic growth, rising margins and bigger-ticket US capability is attractive. The flip side is a busier balance sheet and more moving parts from contingent consideration and share issuance. If integration runs smoothly and cash conversion normalises, these results set Elixirr up well for its new life on the Main Market.
