Elixirr announces year on year revenue growth of 28% for first half of 2024
Elixirr has seen its revenues for the first half of 2024 spike by 28% compared to the previous year. If replicated to the end of the year, this could see the firm surpass £100 million in annual revenues for the first time.
The consulting sector has seen slowing growth over the last two years. However, challenger firm Elixirr has bucked this tendency consistently.
According to the firm’s annual report for the 2023 financial year, revenue jumped by 20% to a record £85.9 million, even as larger consulting firms were preparing for lean times. And as the firm reaches the half-way point of the following financial year, it has released figures showing it has continued to defy those wider trends.
According to the global consultancy, Elixirr has enjoyed 28% improved revenues in 2024, compared to the first half of 2023 – with incoming fees rising from £41.6 million to more than £53 million. The company’s half-year update suggested this is partially thanks to the firm building on the investments made in 2023 – with both Insigniam and Elixirr AI (formerly Responsum) have successfully integrated into the wider Elixirr Group, “delivering impressive growth over the first half of the year”. At the same time, the firm said it had achieved “significant additional value from previous acquisitions”, with more than £8 million in cross-sell revenue in the last six months – and 82% growth over cross-sell revenue in H1 23. Meanwhile, iOLAP, the firm’s data and technology acquisition, has been rebranded to Elixirr Digital to enhance alignment with the wider digital capabilities across the Elixirr Group.
Stephen Newton, CEO of Elixirr, commented, “This record-breaking earnings cycle demonstrates that our four-pillar growth strategy continues to deliver as we remain confident in the Group's outlook for our 2024 financial year. Our entrepreneurial mindset and ambition to push the boundaries of what’s possible today has led to a year of impressive ‘firsts’ for the team. It was a particularly proud moment for me when employees who have been with us pre-IPO received their first vest of options, bringing our equity incentive scheme to life.”
Looking ahead, Elixirr hopes to continue its strong growth trajectory having increased its partner revenue targets for this year to account for the wider range of services post-acquisitions. The group also welcomed one new partner, seasoned tech entrepreneur, Nicola Hartland, who brings with her experience in founding, scaling and exiting multiple businesses. Two new partners have joined since the end of the period who will help build out the firm’s cybersecurity practice and financial services expertise.
