Last checked at 8 Feb 2021 08:00
ELIXIRR INTERNATIONAL PLC
("Elixirr", the "Company" or the "Group")
Trading Update
Elixirr International plc (AIM:ELIX), an established, global award-winning challenger consultancy, is pleased to provide an update on trading for the year ended 31 December 2020.
Trading since our last update in October 2020 has continued to be strong. The Group has continued to support its clients to address their key challenges, with Elixirr's services in relation to digital transformation and innovation in high demand.
Subject to the completion of the audit for the year ended 31 December 2020, the Group expects to record revenue of approximately £30m, ahead of the market expectation of £29.4m. On an IAS 17 basis, Adjusted EBITDA is expected to be approximately £9m, slightly ahead of the market expectation of £8.9m. On an IFRS 16 basis, Adjusted EBITDA is expected to be approximately £9.6m.
As at 31 December 2020, the Group had no debt with cash balances totalling £17.5m.
The Group has continued to make good progress on all four of its strategic growth pillars, including:
· Stretching our current partner team - we achieved organic revenue growth of 20% in 2020
· Promoting partners from within the firm - an experienced principal with deep banking experience was promoted to partner on 1 January 2021
· Hiring new partners - an experienced partner with deep strategy and innovation experience joined on 1 January 2021 to accelerate the growth of our US business
· Buying complementary businesses - we are pleased with the performance of Coast Digital Limited since acquisition in October 2020, where it took us just one week to sell their services into one of our current clients and where we see a strong pipeline throughout 2021. In addition, we are continuing to explore a number of other attractive acquisition opportunities.
The Group has made a strong start to 2021, recording another record revenue month in January 2021, following three record revenue months during 2020. Including the impact of the Coast Digital acquisition, the Directors expect Q1 revenue to increase by more than 50% compared to Q1 2020.
Commenting on the trading update, Stephen Newton, CEO, said:
"I am very proud of the financial results that we have achieved in our first year as a public company. We have delivered significant growth in revenue and profit against the backdrop of one of the most uncertain and challenging business environments many of us have experienced in our careers. Our success reflects the intersection of three critical factors. The most crucial factor is the results we continually deliver for our clients. A team of dedicated and entrepreneurial partners whose economic interests are 100% aligned with our high-quality shareholder base, empower this performance. As a result, we have a strong pipeline of exciting opportunities in 2021 and are confident of further growth in revenue and profit."
The Group has repaid the grants received during 2020 from the UK Government's Coronavirus Job Retention (Furlough) Scheme.
The full year results for the year ended 31 December 2020 will be announced on 12 April 2021 and the Directors look forward to providing a more detailed update to shareholders at that time.
For further Information please contact:
Elixirr International plc Stephen Newton, CEO Graham Busby, CFO
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Public and Investor Relations contacts: Caroline Pitt Jazz Berry
finnCap Ltd (Nominated Adviser & Sole Broker) Christopher Raggett, Simon Hicks, Kate Bannatyne (Corporate Finance) Alice Lane, Sunila De Silva (ECM)
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investor-relations@elixirr.com
+44 (0)20 7220 0500 | |
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About Elixirr International plc
Elixirr is an established global award-winning management consultancy, challenging the larger consultancies by delivering innovative and bespoke solutions to a repeat, globally-recognised client base.
Elixirr was founded in 2009, by Stephen Newton, Graham Busby, Ian Ferguson, Andy Curtis and Mark Goodyear, experienced business advisors who identified a market opportunity to provide bespoke, personal services as a 'challenger' to the traditional consultancy businesses in the market. Elixirr guides its clients to overcome challenges such as: future-proofing against technological disruption; development and roll-out of new propositions, products and services; incubating new businesses; navigating a more complex and multinational regulatory environment; and project management and implementation of major change programmes.
The information communicated in this announcement includes inside information for the purposes of Article 7 Regulation 596/2014.