The Elixirr International share price has fallen from 860p to 630p over the course of 2026, even as the London Stock Exchange (LSE)-listed consultancy posted record quarterly revenue and a 29% jump in first-half profits. The gap between the operational numbers and the share-price direction has opened up a set of valuation readings that are, according to Selfside Research, the lowest in the company’s listed history.
The trading update disclosed H1 2026 revenue of £89.0m, up 25% on the same period a year earlier. Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, a proxy for operating cash profit) rose 29% to £27.6m. According to the LSE regulatory news filing, the adjusted EBITDA margin also improved, reaching 31.0% against 30.0% in H1 2025, a gain of 100 basis points that shows revenue growth is not being bought at the expense of profitability.
What Is Driving Growth Inside Elixirr
The headline numbers are supported by two lines of business gathering pace. According to Elixirr’s investor relations page, AI-related revenue surged 185% to £8.1m in H1 2026 as clients shifted from running pilot projects to embedding artificial intelligence into their commercial operations. Cross-sell revenue, income generated by selling additional services to existing clients, grew 27% to £19m over the same period.
Geographic expansion through acquisition has also reshaped the business. Selfside Research notes that Elixirr acquired TRC Advisory in September 2025 and Kvadrant Consulting in Denmark in February 2026. US revenue grew from £37.5m in FY2023 to £94.6m in FY2025, lifting the United States’ share of total revenue from 44% to 63% over that period, while the UK’s contribution fell from 33% to 22%. The H1 2026 revenue growth of 25% was achieved despite a weaker US dollar against sterling versus the comparable period, which ordinarily drags on the sterling value of dollar-denominated earnings.
Elixirr International Share Price Sits at Record-Low Valuation Multiples
The Elixirr International share price de-rating has pushed the company’s valuation metrics to levels Selfside Research describes as the cheapest in its listed record. The shares are trading at 18.1 times trailing earnings, below the previous trough of 21.0 times. The EV/EBITDA ratio (enterprise value divided by operating cash profit, a standard takeover-price yardstick) stands at 9.7 times, against a prior low of 12.0 times and a long-run median of approximately 15.5 times.
On FY2025 adjusted figures, Selfside Research calculates an enterprise value of £384m, equating to 8.7 times adjusted EBITDA of £44.3m and 11.1 times adjusted diluted earnings per share of 58.73p. The free cash flow yield (cash the business generates as a percentage of its market value) has reached 8.8%, higher than at any previous year-end on record.
Taken together, those readings suggest the market is pricing in either a material slowdown in growth, a deterioration in margins, or simply that sellers have dominated buyers in a period of broader consultancy-sector caution. The operational numbers do not yet point to any of those outcomes.
The trading update also disclosed the appointment of Canaccord Genuity as joint broker alongside Elixirr’s existing broker. Adding a second institutional broker can widen an equity’s distribution among fund managers and increase the number of analysts publishing research on it, though neither outcome is automatic.
Elixirr’s interim results are scheduled for publication on 21 September 2026, according to the Investor Meet Company RNS feed. Those results will be the first full set of figures to confirm whether AI-related revenue can sustain its rapid growth rate beyond the first half, and whether the weaker dollar has softened H2 numbers. If the interims match the direction the trading update pointed to, investors will have a clearer case to push the Elixirr International share price back toward the 860p level it held at the start of the year.
