UK-headquartered consulting group Elixirr has continued its growth in 2022, booking record revenue of £33.4 million during the first six months of the year.
“So far on a macro-level, 2022 has not been without its challenges, but Elixirr’s ability to adapt to changing market demands has continued to be evident in the first half of the year,” said Stephen Newton, Chief Executive Officer and Founder of Elixirr.
Compared to the first six months of 2021, revenue was up 39%, and profitability (adjusted EBITDA) jumped by 28% to hit £10.4 million. Elixirr’s share price currently trades at 665 pence per share, with the firm’s market capitalisation more than triple the value when the management consultancy went public on the London Stock Exchange in the summer of 2020.
Much of this year’s growth can be traced back to the acquisition of iOLAP, a US technology and data consultancy. The United States now accounts for more than 40% of the firm’s revenue.
Alongside powerhouse markets UK and US, Elixirr also has offices in South Africa, Australia, Croatia, and Jersey (which it gained through the recent team hire of KIT Consulting.
Newton added that the relatively strong organic growth booked in H1 of 2022 (+8%) was testimony to the firm’s “growing profile in the market” and “the dedication and commitment of our people, and the fantastic work they deliver to our global client base.”
“We have reaped the benefits of our expanding capabilities as we continue to provide an extensive range of services to our clients, while retaining our bespoke and personalised approach – a key differentiator for us in our industry.”
“We’ve continued to invest in key hires, diversifying and strengthening the business, while continuing to solidify our core offering. This has ensured we remain well-positioned to support our clients’ changing needs, particularly during challenging market conditions.”
For full year 2022, Elixirr expects to hit a revenue of between £70 – £75 million (2021: over £50 million) and an adjusted EBITDA of at least £20 million.
“Our ambition for Elixirr is only growing, and I’m looking forward to seeing what we can achieve in the remainder of the year and beyond,” concluded Newton.
