Elixirr International (LSE:ELIX) reported revenue of £89m for the six months to 30 June, up 25% on the £71.4m recorded in the same period last year, with 5% organic growth at constant currency.
The AIM-listed challenger consultancy said adjusted EBITDA rose 29% to £27.6m, lifting the margin to 31.0% from 30.0%, while adjusted profit before tax climbed 25% to £25.1m and adjusted diluted earnings per share increased 18% to 34.2p.
AI-related revenue nearly tripled, rising 185% to £8.1m from £2.8m, as clients moved from experimenting with the technology toward scaled deployment across operations.
"We have an ambitious team and a proven growth model, and we are making the investments now that we believe will create a strong platform for the years ahead", said Stephen Newton, founder and chief executive.
The number of clients generating more than £1m of revenue rose to 35 from 31, with those above £2m up to 24 from 16, while cross-sell revenue increased 27% to £19m.
Net debt stood at £56.5m at period end, reflecting capital deployed for acquisitions including Kvadrant Consulting, which gave Elixirr its first presence in the Nordics, and earn-out payments tied to TRC's prior-year performance.
Free cash flow fell to £1.8m from £7.9m, which the company attributed to seasonal working capital timing, legacy debtor terms in acquired businesses and the timing of tax payments.
News Intelligence what this means for the company
Elixirr posted 25% revenue growth to £89m in H1 with AI work nearly tripling to £8.1m as clients shift from experimentation to scaled deployment. Adjusted EBITDA margin expanded 100bps to 31%, and the high-value client base strengthened—those generating over £2m revenue nearly doubled to 24 from 16—signalling both top-line momentum and improving unit economics.
The results validate Elixirr's AI-led positioning at a time when enterprise clients are moving beyond pilots, and margin expansion despite acquisition integration costs suggests operational leverage is working. However, free cash flow halved to £1.8m and net debt sits at £56.5m (63% of H1 revenue), so the growth story now hinges on whether the company can sustain organic momentum and convert AI revenue gains into cash while servicing acquisition debt.
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