Elixirr International (ELIX) H1 2024 earnings summary

Executive summary

• Achieved record H1 2024 revenue of £53.0m, up 28% year-over-year, with four record revenue months and 14% organic growth.

• Adjusted EBITDA rose 23% to £15.1m, with a 29% margin, and profit before tax increased 22% to £12.0m.

• Built relationships with 30+ new clients, expanded cross-sell revenue from acquisitions to £8m in H1 (up 82% YoY), and diversified client base across 8 industries.

• Recognized on Forbes' World's Best Management Consulting Firms 2024 list, validating brand reputation and industry leadership.

• Employee equity incentive schemes continue to drive entrepreneurial culture, with first vesting of pre-IPO options resulting in 0% dilution and 97% retention.

Financial highlights

• Revenue reached £53.0m, up from £41.6m in H1 2023; gross profit increased 21% to £17.4m.

• Adjusted EBITDA margin was 29% (down 1pp YoY); adjusted diluted EPS up 16% to 21.5p.

• Free cash flow of £7.0m in H1, more than double the prior year; net cash position grew 14% to £22.1m.

• Net assets at 30 June 2024: £122.6m (up from £119.6m at FY23).

• Interim and final dividends paid in 2024 totaling £6.9m.

Outlook and guidance

• Full-year 2024 revenue guidance of £104m–£110m, with EBITDA margin expected in the 27–30% range.

• Board remains confident in maintaining strong performance and resilience through diversification.

• Targeting 20–25% annual growth, aiming for £1bn equity value in 3–5 years.