UK-headquartered Elixirr has booked massive growth in its latest financial year, with global revenues up 67% to help the management consultancy break through the £50 million revenue barrier for the first time in its history.
“2021 has been another phenomenal year,” said Stephen Newton, the Founder and CEO of Elixirr, on the results. “This has been made possible by our exceptional people and their dedication to make high-value change happen.”
The results mean that Elixirr has more than tripled its share price (as of 06/04/22) since it went public on the London Stock Exchange in the summer of 2020. Profit meanwhile jumped by 62% to nearly £16 million.
Elixirr’s continued to grow globally in 2021 but saw exceptional growth again in one of its key growth market of the US, where the firm achieved 100% growth. The US division operates with hubs in New York, Dallas, and San Francisco.
The 2021 financial performance was accelerated by the acquisition of The Retearn Group in April 2021, a move which added around 45 consultants and staff to its team. Elixirr has meanwhile closed its largest deal ever with the acquisition of US-based iOLAP, although these financials will be consolidated into the 2022 records.
“We continue to search for potential acquisition targets to enhance one or more of our capabilities, industries or geographical coverage,” said Newton.
In a year when most large consulting firms booked solid results against a backdrop of major change (which lifts demand for consultants), Elixirr’s growth means that the firm has notably outperformed nearly all its mid-sized and large industry peers. The Big Four for instance booked double-digit growth, Boston Consulting Group grew revenues by 25%, Simon-Kucher & Partners banked 22% more turnover, while Oliver Wyman enjoyed 21% higher fee income.
“We supported clients to tackle their toughest challenges in a disruptive market, helping them to adapt, transform and innovate to stay ahead of competition and we have seen growth in existing accounts whilst also bringing in a plethora of new clients,” said Newton.
2021’s growth spurt has seen Elixirr expand its partnership team with eight new partners, through both internal promotions and external hiring. And the former UK Chair of KPMG – Bill Michael – was brought on board to provide the leadership team with strategic guidance.
Despite the talent crunch in its key markets, “we have stayed resolute in our commitment to hire top talent and provide a bespoke and high quality service to our clients,” said Newton. “Our team is comprised of the industry’s best talent, who share a passion for delivering real impact for businesses, and a vision for building the best consulting firm in the world.”
Looking ahead at 2022, Newton said the partner team aims to lift revenues again this year with the consultancy expecting to hit revenues between £70 million and £75 million.