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, maintaining a 29% margin despite integrating lower-margin acquisitions.

• Net cash position increased 14% to £22.1m, with free cash flow more than doubling to £7.0m.

• Diversified client base: top 10 clients span 8 industries, with 30+ new clients added and gold clients rising from 9 to 22 since 2020.

• Recognized by Forbes as one of the World's Best Management Consultancies, spanning 13 industries and 14 functional areas.

Financial highlights

• Revenue: £53.0m, up 28% year-over-year; organic growth contributed 14%.

• Gross profit up 21% to £17.4m; gross margin 33%.

• Adjusted diluted EPS up 16% to 21.5p; adjusted basic EPS 23.7p.

• Profit before tax increased 22% to £12.0m.

• Free cash flow of £7.0m, more than double the prior year period.

Outlook and guidance

• Forecasting FY 2024 revenue of £104m–£110m and maintaining EBITDA margins in the 27–30% range.

• Board remains confident in continued strong performance, supported by diversified industries and capabilities.

• Four record revenue months in H1 2024 support positive momentum for the remainder of the year.