TIDMELIX
RNS Number : 2879O
Elixirr International PLC
08 February 2021
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
GBP30m, ahead of the market expectation of GBP29.4m. On an IAS 17
basis, Adjusted EBITDA is expected to be approximately GBP9m,
slightly ahead of the market expectation of GBP8.9m. On an IFRS 16
basis, Adjusted EBITDA is expected to be approximately GBP9.6m.
As at 31 December 2020, the Group had no debt with cash balances
totalling GBP17.5m.
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
Public and Investor Relations contacts:
Caroline Pitt investor-relations@elixirr.com
Jazz Berry
finnCap Ltd (Nominated Adviser & Sole Broker) +44 (0)20 7220 0500
Christopher Raggett, Simon Hicks, Kate Bannatyne
(Corporate Finance)
Alice Lane, Sunila De Silva (ECM)
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.
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596/2014.
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END
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