Elixirr International Plc (54K) Q2 2026 Earnings Report

The call was strongly positive overall, with record H1 results, 25% revenue growth, 29% adjusted EBITDA growth, a 31% margin, 185% AI revenue growth, expanding client relationships, successful cross-selling, and continued capability and geographic expansion. The main challenges were the GBP 1.6 million FX headwind, completed programs affecting organic growth, low seasonal and acquisition-related cash flow, higher net debt, acquisition-related interest and share issuance, and an acknowledged valuation gap. Highlights significantly outweighed the lowlights.

Management said the four pillar growth strategy remains the same: “We will continue to do organic growth,” “continue to deepen our client relationships,” “continue to do selective programmatic M&A,” and “look to sustain our premium margins”; the acquisition strategy “will be continuing,” and the company expects to “end the year with a significantly lower leverage position than the GBP 56.5 million” of net debt at H1 2026. The call also presented a scenario “where we have a 20% growth rate in revenue, EBITDA, and share price,” with the business becoming “broadly a GBP 1 billion market cap business by 2031,” with “18% dilution” and existing shareholders owning “roughly GBP 850 million” and “3x the value that it is today.”