Elixirr International (ELIX) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenue of £71.4m, up 35% year-over-year, with 17% organic growth and five record months.

• Completed the largest acquisition to date, TRC Advisory, expanding US presence and capabilities.

• Transitioned from AIM to the Main Market of the London Stock Exchange on 1 July 2025, boosting share price and investor interest.

• Deepened client relationships, with high employee share plan participation and multiple partner promotions.

• Maintained a resilient and diversified business model, focusing on both organic and inorganic growth.

Financial highlights

• H1 2025 revenue reached £71.4m, up 35% year-over-year; gross profit up 40% to £24.3m; gross margin 34%.

• Adjusted EBITDA rose 42% to £21.5m, with a 30% margin; adjusted profit before tax up 38% to £20.1m.

• Adjusted diluted EPS increased 35% to 29.0p; free cash flow up 12% to £7.9m.

• Net debt at period end was £6.8m, reflecting use of revolving credit facility for acquisitions and share purchases.

• Revenue per client-facing partner increased from £2.1m to £2.3m year-over-year.

Outlook and guidance

• Short-term goal to enter FTSE 250 within 6–12 months, targeting £515m market cap.

• Medium-term ambition to reach $1bn market cap; long-term goal to become a FTSE 100 company.

• Continued focus on 20–30% annual growth through organic and acquisition-driven expansion.

• Board confident in delivering FY25 results in line with market expectations, further enhanced by TRC acquisition.

• Enhanced access to capital and index inclusion expected from Main Market listing.