Elixirr books 23% revenue growth in first half of 2023

26 September 2023 Consultancy.uk 2 min. read
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Despite a slower consulting market worldwide, London-headquartered Elixirr has continued its path of strong growth, seeing its revenue jump by 23% in the first half of the year.

In the first six months of 2023, Elixirr booked revenues of £41 million, up from £33 million in the same period last year. The performance continues a run of consecutive years of growth – just five years ago, the firm’s six-month income was around £10 million.

“We began this year with great momentum and have continued our progress through the period, leveraging our previous acquisitions [five in total, including iOLAP and Retearn] to maximise the firm’s overall performance,” said Stephen Newton, Founder and CEO of Elixirr.

Elixirr - H1 23 Revenue Bridge

Elixirr’s profitability also enjoyed a boost, rising by around £2 million to £12.3 million for the first half of 2023.

Looking ahead, Newton said the firm’s partner team expects to see a similar “strong performance” in the remainder of the year. The firm expects to end the year with revenues of between £85 million and £90 million.

The firm’s optimistic outlook comes at a time when several large rivals are struggling to keep all their fee-earners off the bench. Yesterday, Financial Times reported that the Big Four firms are in the process of shedding staff following dropping demand (mainly in their consulting arms), while the large strategy consulting firms including McKinsey and Bain have introduced hiring delays in some areas to re-balance headcount with their portfolio of projects.

Elixirr is listed on the London Stock Exchange. The firm went public in July 2020 with the aim to accelerate its growth track. “Our ambition is to become the best digital, data, artificial intelligence and strategy consultancy in the world,” said Newton.

On top of organic growth, the firm “intend to make more acquisitions as we diversify and strengthen our offering for clients,” said Newton.

In tandem with releasing its interim financial results, Elixirr also announced that it has acquired Responsum, a US start-up that specialises in generative AI technology. The two companies had already been working together since the start of the year.