Elixirr International LON: ELIX executives used the company’s FY 2025 results presentation to highlight accelerating growth, expanding AI-related work, and the continued contribution of acquisitions to both diversification and cross-selling.
FY 2025 financial results and dividend
Chief Financial Officer Nick Willott said the company delivered “an excellent set of financial results,” placing FY 2025 performance in the context of Elixirr’s six years since IPO, including a 38% revenue CAGR and 35% EBITDA CAGR since 2020.
For FY 2025, Willott reported:
- Revenue of nearly £150 million (£149.6 million), up 34%.
- Gross profit up 39%.
- Adjusted EBITDA of £44.3 million, up 42%, with an adjusted EBITDA margin of 29.6% (up 1.6 percentage points year-over-year).
- Adjusted profit before tax up 38%, reflecting the addition of interest costs following the use of a debt facility to fund the TRC acquisition.
- Adjusted diluted EPS up 36%, with Willott noting a slightly higher share count tied to shares issued for TRC consideration.
Willott also announced a final dividend that will bring the total FY 2025 dividend to 22.6 pence, up 27% year-over-year. He said the increase comes “without any reduction in dividend cover,” with adjusted profit after tax covering the dividend 2.8 times.
On cash generation, Willott said free cash flow was “just higher than £31 million,” up 11%, though he noted the increase was smaller than profit growth due to particularly strong working capital performance in the prior year.
Organic growth, currency impacts, and acquisitions
Breaking down the year-over-year revenue increase, Willott said the first three components of Elixirr’s revenue bridge represented 15% organic growth. He described a typical pattern of project work ending (a £14 million reduction), offset by additional work sold to existing clients (£14.5 million) and new client wins (almost £17 million).
Willott added that organic growth also included the impact of a weaker U.S. dollar. The dollar weakened about 3% during FY 2025, he said, creating roughly a 2% headwind to group revenue. On a constant currency basis, organic growth would have been about 17%.
Acquisitions contributed additional revenue, including a full-year impact from Hypothesis (acquired in late October 2024) and about three and a half months from TRC (acquired in September 2025). Willott said Elixirr continues to follow the same “four-pillar growth strategy” it has had since IPO: stretching partners to drive higher revenue per partner, promoting principals, hiring partners, and completing acquisitions.
Revenue per partner increased to £4.4 million in FY 2025 from £4.1 million in FY 2024, with 34 average client-facing partners during the year. Willott said the firm now has more than 40 client-facing partners after the full-year impact of TRC and additional partner hires in early 2026.
AI operating model and client outcomes
Investor relations lead Em Thundy said FY 2025 marked a year in which Elixirr “brought our very intentional AI operating model to life,” emphasizing the firm’s senior-led structure and its lack of a traditional consulting pyramid as an advantage in adopting AI.
Thundy described an AI-enabled operating model built on data and core technology systems, incorporating a long-running proposals repository and historic client work, plus proprietary IP and orchestration capabilities stemming from acquisitions such as Responsum and iOLAP. She said Elixirr has internal AI agents on its platform that speed proposal development and contract documentation, alongside “best-of-breed external tools” orchestrated in an “enterprise secure way.”
Thundy said Elixirr is already seeing:
- Over an 80% reduction in proposal creation time, from 3-5 days to 3-4 hours.
- A 40% effective capacity increase for teams using AI-native workflows.
- 2-5 times acceleration in targeted workflows such as research and analysis phases of projects.
On client-facing activity, Thundy said AI is the company’s “fastest growing growth engine.” She cited an increase in AI projects from 29 in FY 2024 to 69 in FY 2026, which she said translated to AI-related revenue growth of 260% in FY 2025. She gave examples of an AI-enabled product development lifecycle at a major European bank that she said unlocked £200 million of benefits over 10 years and reduced time-to-market for products from 18 months to 2-6 weeks, and an AI-enabled insights engine for a global media and entertainment company that reduced weekly time spent surfacing insights and shortened the cycle for acting on insight to under 48 hours.
M&A strategy, diversification, and client feedback
Co-founder and Deputy CEO Graham Busby said Elixirr’s acquisition strategy targets companies that diversify the firm by industry capability or geography, enhance C-suite access, and fit culturally. He described a programmatic approach of one or two acquisitions per year, typically adding 10%-20% of enterprise value, rather than “tons of small deals or a humongous deal.”
Busby said TRC Advisory, acquired in September, was Elixirr’s largest acquisition to date and came with about $36 million of revenue and $17.5 million of EBITDA. He said the upfront purchase price represented a 4x EBITDA multiple, rising to 6.8x if performance targets are met, including 25% annual growth over three years. Busby highlighted TRC’s reported 90% client retention over the last 10 years and said the firm is already collaborating with Elixirr on client work, citing a joint project at a performance chemical producer where they identified and are delivering $15 million of benefits over two years.
Busby also discussed Kvadrant, a Copenhagen-based strategy firm acquired in early 2026, which he said provided a European foothold and focuses on commercial transformation, go-to-market excellence, and transaction services. Kvadrant, he said, brought more than £6 million of revenue and over £2 million of EBITDA, with a deal structure starting at a 5.4x multiple and rising to 7.5x over three years if growth targets are met.
Busby said diversification has reduced concentration risk, noting that in FY 2020 the firm was 80% financial services and insurance, compared with 39% last year. He also said the top 10 client concentration has fallen from 42% last year compared with 80% at IPO.
Elixirr ended FY 2025 with 34 “gold clients” (accounts generating £1 million-plus in revenue), up from 27 in FY 2024, and 20 clients at £2 million-plus, up from 13. Busby said the top 10 clients span seven industries and multiple geographies, and that gold clients average 9.5 projects per account.
Busby also shared findings from a refreshed independent client survey, saying clients rate Elixirr 8.3 out of 10 overall versus an average 6.7 out of 10 for competitors cited in the survey. He said client comments frequently referenced the “high caliber of talent,” collaboration and agility, adaptability to client needs, and a value-focused approach.
Balance sheet, earn-outs, and outlook
Willott said Elixirr moved to net debt of £24 million from a cash position of £7.5 million the prior year, reflecting acquisition spending. He said the company has £80 million of debt facilities and described leverage as “only about 0.6x” based on last year’s EBITDA, calling it a comfortable level.
Willott said contingent consideration totaled £42 million at year-end, including £40 million related to TRC. He said about £22 million of TRC consideration would be paid this year based on strong FY 2025 performance, with the remainder tied to a three-year earn-out. He added Kvadrant has about £5 million of contingent consideration that will appear in FY 2026 figures.
Founder and CEO Stephen Newton said the firm has built “momentum” and described the business as a “flywheel” driven by more than 40 partners and hundreds of employee-owners. He pointed to “record first quarter” trading and said the company had already reached 18 gold clients partway through April.
Newton reiterated management’s view that AI creates opportunity for Elixirr, arguing it levels the playing field versus larger consultancies with traditional pyramids, and he emphasized that the firm’s ownership culture drives client service. Addressing questions about AI’s impact on pricing and margins, Newton said consulting remains a relationship business built on trust and value delivery, and argued that Elixirr aims to maintain “fair margins” rather than use AI to “gouge” clients.
Management also discussed its ambitions to reach the FTSE 250, with Busby noting the gap to the entry point and citing continued organic and inorganic growth as the path forward. Newton added that if the company’s IPO multiple were applied to current EBITDA, Elixirr would already be in the FTSE 250.
About Elixirr International LON: ELIX
Elixirr is a global consulting firm with a bold ambition: to become the best consulting firm in the world.
Founded in 2009 to challenge a declining industry standard, we've grown from a single vision into a powerhouse of entrepreneurial talent. We partner with businesses around the world to deliver transformational results, from boardroom strategy through to execution, powered by the technology of tomorrow. We do this in a way that's anything but traditional – helping our clients change the game in their industries, just as we are changing the game in ours.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Elixirr International, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Elixirr International wasn't on the list.
While Elixirr International currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Click the link to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
