Elixirr International (LON:ELIX) reported record first-half results for 2026, with revenue rising 25% and adjusted EBITDA increasing 29%, as the consulting firm cited growing demand for artificial intelligence services, deeper client relationships and contributions from recent acquisitions.
Co-Founder and Deputy CEO Graham Busby said the company generated £89.0 million in revenue for the six months, while adjusted EBITDA reached £27.6 million. The adjusted EBITDA margin rose by one percentage point to 31.0%.
AI Revenue Climbs as Consulting Demand Evolves
AI-related revenue reached £8 million in the first half, up 185% from the comparable period a year earlier. Busby said the company is seeing increased demand for AI work, particularly where technology capabilities are combined with operational expertise.
He cited Gartner research forecasting a $200 billion market opportunity for technology services tied to agentic AI over the next five years. Elixirr is seeking to capture part of that opportunity through its strategy, data, AI, technology and execution capabilities, he said.
Busby argued that AI could strengthen Elixirr’s competitive position because its operating model is designed around senior client-facing professionals rather than a traditional consulting “pyramid” with large numbers of junior analysts. According to Busby, AI can provide capabilities that historically required large investments in junior research and presentation-production teams.
The company said 30% of its employees are principals or above. During the period, it promoted two principals to partner, hired three external partners and added four group partners, including Kvadrant founder and chief executive Thomas.
Elixirr also launched an AI Operating System during the period, although the presentation was interrupted before management completed its planned discussion of client case studies and the program’s results.
Client Relationships and Cross-Selling Expand
Management highlighted continued growth in larger customer relationships. The number of “gold clients” — defined as customers generating at least £1 million in fees over the trailing 12 months — rose 13% year over year to 35. The number of clients producing at least £2 million in trailing-12-month fees increased 50% to 24.
Cross-sell revenue increased 27% to £19 million from £15 million in the previous period. Busby said the company has generated more than £100 million in cross-sell revenue since its initial public offering.
The company acquired Nordic consulting firm Kvadrant in January. Busby said Kvadrant, which focuses on commercial transformation, go-to-market work and transaction services for private equity clients, has integrated well alongside TRC Advisory, which Elixirr acquired in September 2025.
TRC achieved 100% of its 2025 earn-out, according to management.
Elixirr said it continues to follow a four-pillar growth strategy focused on organic expansion, deepening client relationships, selective programmatic acquisitions and sustaining premium margins.
Organic Growth, Acquisitions Drive Revenue Increase
CFO Nick Willott said revenue rose from £71.4 million in the prior-year period to £89.0 million, despite a £1.6 million foreign-exchange headwind associated with a weaker U.S. dollar against sterling.
Organic revenue growth was 5% in the period. Revenue from existing clients increased by £7.6 million and new-client revenue rose by £8 million, partly offset by a £12.1 million reduction associated with programs that had concluded. Willott said a particularly large number of significant client programs ended during the period, though clients often return with new work in later periods.
Acquisitions contributed £15.7 million of revenue, reflecting a five-month contribution from Kvadrant and a fuller contribution from TRC.
Adjusted profit before tax increased 25% to £25.1 million. Adjusted diluted earnings per share rose 18%, with growth affected by interest costs on debt used to fund acquisitions and shares issued in connection with the TRC and Kvadrant transactions.
Willott said the company’s average number of client-facing partners rose to 40 from 32 in the prior-year first half. Revenue per partner was broadly unchanged year over year as Elixirr invested in expanding its partner group.
Cash Flow Reflects Seasonality and Acquisition Effects
Free cash flow was £1.8 million for the period, while operating cash flow totaled £2.8 million. Willott said first-half cash flow is typically lower because June revenue is higher than December revenue, increasing receivables, while annual bonuses for the preceding year are paid during the first half.
He said three further factors affected cash generation: inherited TRC client contracts with 60- or 90-day payment terms, a larger annual bonus payment than in the prior year, and the timing of tax payments related to TRC’s entry into the group.
Net debt increased to £56.5 million at June 30 from approximately £24 million at the start of the period. The rise principally reflected £23.5 million of acquisition-related cash outflows, including about £16 million for TRC’s 2025 earn-out and approximately £8 million for Kvadrant.
Willott said the company expects leverage to be “significantly lower” by year-end as seasonal cash flow improves. He added that Elixirr had no credit-risk concerns regarding receivables inherited from TRC, describing the clients as blue-chip organizations.
The presentation ended early after a fire alarm prompted the evacuation of the venue. The moderator said the company would review submitted investor questions and may provide either a recording or a rescheduled session.
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.
