Elixirr posts strong first half, boosts revenue by 77%
Elixirr, a London-headquartered global management consultancy, saw revenue grow by 77% across its global operations in the six months ending June 30, 2021. The firm reported impressive revenue growth in the US (over 100%) as its presence in the world’s largest consulting market continues to expand.
The consultancy’s revenues rose to £24 million in H1 2021, up 77% from H1 2020, with both strong organic growth (+45%) and contribution from the acquisition of consulting firms Coast Digital and Retearn (+32%).
Elixirr’s organic growth included expansion of existing relationships, as well as the addition 42 new clients. Some of its projects in the first half of 2021 included launching a bank’s mobile and online banking solution, building a client-facing portal for a real estate company, and advising a healthcare group on a billion-dollar acquisition.
The consulting firm achieved a gross profit of £9.2 million at a gross profit margin of 38.3%, which was a similar margin to that of H1 2020.
Adjusted Ebitda increased by 78% to £8.1 million, with an adjusted Ebitda margin of 33.8%, also similar to H1 2020 results. Meanwhile, Elixirr saw a 145% increase in profit before tax to reach £6.4 million.
The firm also reported a healthy balance sheet with net cash of £21.1 million and no debt.
"After a hugely successful 2020 supported by our admission to the AIM market of the London Stock Exchange, I am delighted with our progress in the first six months of 2021,” Stephen Newton, CEO of Elixirr, said. “We have continued to demonstrate a proven growth formula that positions us very strongly in a competitive market – highlighted by our strong financial results.”
Newton highlighted the firm’s strong growth in the US, which he said is a “key market for our business.”
The company built on 49% revenue growth in its US operations in FY 2020 with even stronger 100+% growth in H1 2021. Elixirr – which has teams in New York, Dallas, and San Francisco – also made four partner additions in the United States: Lakshmi Reddy, Syed Bukhari, Hermann Behrens, and Iliya Rybchin. The four new partners brought existing networks and industry experience across media, healthcare, and advertising. Aside from growing existing accounts, the team also brought in new clients, including a Fortune 100 technology company.
Elixirr – which has grown to more than 270 professionals across the UK, US, South Africa, and Australia since its founding in 2009 – is now expecting FY 2021 revenues to reach between £47 million and £50 million amid a strong project pipeline for the remainder of the year. The firm's board expects an adjusted Ebitda margin in the 30-32% range.
