Elixirr International reported first-half 2026 revenue of £89.0 million, up 25% from £71.4 million a year earlier, with AI-driven revenue surging 185% year-over-year to approximately £8 million, during a results presentation on September 23.
Adjusted EBITDA rose 29% to £27.6 million, expanding margin to 31.0% from 30.0%, while adjusted profit before tax climbed 25% to £25.1 million. Diluted EPS increased 18% to 34.2 pence. Free cash flow fell 78% to £1.8 million from £7.9 million, and net debt more than doubled to £56.5 million from £24.1 million at fiscal 2025 year-end.
Revenue growth was shaped by several forces. Foreign currency headwinds, mainly from USD/GBP movements, weighed £1.6 million. Program completions reduced revenue by £12.1 million, partially offset by £7.6 million from existing clients, £8.0 million from new clients, and £15.7 million from acquisitions including the half-year contribution from TRC Advisory and the January addition of Kvadrant Consulting. Organic growth on a constant-currency basis was 5%.
Cross-sell revenue from acquired capabilities reached £19 million, up 27% from £15 million in H1 2025, pushing cumulative cross-sell since the 2020 IPO above £100 million. The company added three "gold" clients (£1 million-plus annual revenue) to reach 35, and its "mega" client base (£2 million-plus) surged 50% to 24.
Management characterized the quarter as "quality-led growth" driven by "disciplined, quality-focused client selection." CEO Stephen Newton said artificial intelligence "structurally improves" the business model and cited agentic AI as creating up to "$200 billion of new demand for technology services over the next five years."
Case study results highlighted the firm's output: a specialty retailer loyalty app became a $138 million digital growth channel with a 275% increase in app share of total sales; a chemicals manufacturer was positioned for $74 million in annual EBITDA uplift by 2030; an AI-native MGA launched a regulated business in six months with 60% lower cost-to-serve and 99% process automation; and a predictive model for a U.S. ethanol producer protected $640,000 to $1.3 million in quarterly margin with 96% accuracy.
Elixirr noted a persistent valuation disconnect. Revenue growth over fiscal 2022 through August 2026 outpaced the FTSE 100 average by 110 percentage points, while share-price returns trailed by 43 percentage points. The company projects 18% total dilution over six years under an illustrative 2026–2031 model, versus 11% actual dilution since the 2020 AIM listing.
The firm has spent the past seven years building its M&A pipeline, screening roughly 5,700 targets, engaging 850, holding 300 introductory meetings, pursuing 180 follow-ups, making 32 offers and completing nine — yielding a 28% conversion rate from offer to close. Typical deal structures divide consideration equally across one-third day-one cash, one-third day-one equity, and one-third three-year earn-outs.
On the valuation side, the stock traded at a P/E of 16.07 and an EV/EBITDA of 7.06. Elixirr appointed Canaccord Genuity as a second broker in August 2026. Clients include Allianz, Disney+, McDonald's, Meta, Microsoft, Barclays, Google, Netflix, Starbucks and AWS. Forbes ranked the firm among America's best management consultancies in 2026, and the Financial Times named it one of the UK's leading management consultants from 2023 through 2026.
