Elixirr International (ELIX) H2 2024 earnings summary

Executive summary

• Achieved record financial results in FY24, with consistent outperformance since IPO and eight earnings upgrades.

• Expansion into the US, acquisition of Hypothesis, and a move to the Main Market of the London Stock Exchange signal strategic evolution and increased global profile.

• Maintains a high-performance, ownership-driven culture with over 80% employee participation in equity schemes.

• Diversified across capabilities, geographies, and industries, reducing reliance on any single segment.

Financial highlights

• FY24 revenue rose 30% to £111.3 million, with 13% organic growth and £14.3 million from acquisitions.

• Adjusted EBITDA increased 23% to £31.2 million, at a 28% margin.

• Adjusted profit before tax up 22% to £29.7 million; adjusted diluted EPS up 16% to 43.1p.

• Free cash flow reached £28.1 million, supporting strong dividend growth (total DPS up 20% to 17.8p).

• Cash at year-end was £7.5 million after £21.2 million spent on acquisitions; all RCF debt repaid.

Outlook and guidance

• No formal FY25 guidance due to Main Market transition, but Q1 and April 2025 were record periods.

• Contracted H1 2025 revenue already exceeds H2 2024 delivered revenue, indicating strong momentum.

• Confident in delivering FY25 results in line with management expectations, supported by contracted revenue and robust client demand.

• Targeting continued 25%-30% revenue CAGR and 25%-30% EBITDA margin.