Elixirr International

ELIX · Main Market · Industrial Goods and Services · mcap £259m · 516.0p

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Financials · LTM to 30 Jun 26

Source: results 21 Sep 26 ↗

Revenue: £167m
Operating profit: £34.0m
Net income: £21.0m
Free cash flow: £25.0m
Net debt: £61.0m
Market cap: £262m
EV / EBIT: 9.5×
FCF yield: +9.5%
Price / book: 1.7×

Latest half-year · H1 26 vs H1 25 results 21 Sep 26 ↗

Revenue: £89.0m
Operating profit: £20.2m
Net income: £12.3m
Cash from operations: £2.8m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 21 Sep 26 · read the announcement ↗

Interim Condensed Consolidated Statement of Comprehensive Income · For the six months ended 30 June 2026

	Six months ended 30 June 2026 Unaudited £’000s	Six months ended 30 June 2025 Unaudited £’000s
Revenue	88,956	71,410
Cost of sales	(58,362)	(47,086)
Gross profit	30,594	24,324
Administrative expenses	(10,101)	(7,431)
Operating profit before M&A and Main Market-related items	20,493	16,893
Depreciation	906	881
Amortisation of intangible assets	3,575	1,496
Share-based payments	2,604	2,188
Adjusted EBITDA	27,578	21,458
M&A-related items	(301)	(161)
Main Market listing costs	-	(795)
Operating profit	20,192	15,937
Net finance expense	(2,228)	(578)
Profit before tax	17,964	15,359
Taxation	(5,625)	(4,343)
Profit for the period	12,339	11,016
Exchange differences on translation of foreign operations	1,877	(5,630)
Total comprehensive income for the period	14,216	5,386
Basic earnings per Ordinary Share (p)	24.9	23.2
Diluted earnings per Ordinary Share (p)	22.7	21.3
Adjusted basic earnings per Ordinary Share (p)	37.5	31.7
Adjusted diluted earnings per Ordinary Share (p)	34.2	29.0

Interim Condensed Consolidated Statement of Financial Position · As at 30 June 2026

	As at 30 June 2026 Unaudited £’000s	As at 31 December 2025 Audited £’000s	As at 30 June 2025 Unaudited £’000s
Assets
Non-current assets
Intangible assets	211,096	197,319	121,176
Property, plant and equipment	4,493	4,214	4,428
Other receivables	3,690	3,701	3,013
Loans to shareholders	9,510	8,566	9,093
Deferred tax asset	3,733	4,704	4,177
Total non-current assets	232,522	218,504	141,887
Current assets
Trade and other receivables	36,777	26,810	22,880
Corporation tax receivable	1,153	716	-
Cash and cash equivalents	2,525	5,054	2,844
Total current assets	40,455	32,580	25,724
Total assets	272,977	251,084	167,611
Liabilities
Current liabilities
Trade and other payables	29,203	30,316	26,641
Loans and borrowings	7,621	10,589	1,129
Corporation tax payable	-	-	108
Other creditors	13,975	22,325	3,457
Total current liabilities	50,799	63,230	31,335
Non-current liabilities
Loans and borrowings	55,930	22,933	13,024
Deferred tax liability	1,218	666	788
Other non-current liabilities	12,284	21,727	2,348
Total non-current liabilities	69,432	45,326	16,160
Total liabilities	120,231	108,556	47,495
Net assets	152,746	142,528	120,116
Equity
Share capital	53	52	52
Share premium	54,614	45,384	33,702
Capital redemption reserve	2	2	2
EBT share reserve	(4,650)	(4,014)	(9,641)
Merger relief reserve	46,870	46,870	46,870
Foreign currency translation reserve	(1,033)	(2,910)	(4,176)
Retained earnings	56,890	57,145	53,307
Total shareholders' equity	152,746	142,528	120,116

Interim Condensed Consolidated Statement of Cash Flows · For the six months ended 30 June 2026

	Six months ended 30 June 2026 Unaudited £’000s	Six months ended 30 June 2025 Unaudited £’000s
Cash flows from operating activities:
Cash generated from operations	8,767	11,731
Taxation paid	(5,992)	(2,984)
Net cash generated from operating activities	2,775	8,747
Cash flows from investing activities
Purchase of property, plant and equipment	(12)	(32)
Software development costs	(32)	(117)
Payment for acquisition of subsidiary, net of cash acquired	(23,468)	(4,752)
Interest received	30	100
Net cash utilised in investing activities	(23,482)	(4,801)
Cash flows from financing activities
EBT Ordinary share purchases	(8,392)	(17,956)
EBT Ordinary share sales	3,998	5,878
Loans to shareholders	(3,000)	(2,350)
Loans repaid by shareholders	1,953	550
s455 tax repaid re loans to shareholders	403	-
Proceeds from borrowings	58,745	18,782
Repayment of borrowings	(29,207)	(9,078)
Interest and transaction costs paid on borrowings	(1,486)	(334)
Lease liability principal payments	(942)	(703)
Interest paid on lease liability	(64)	(126)
Ordinary share dividends paid to shareholders	(3,733)	(3,007)
Net cash generated/(utilised) in financing activities	18,275	(8,344)
Net decrease in cash and cash equivalents	(2,432)	(4,398)
Cash and cash equivalents at beginning of the period	5,054	7,527
Effects of exchange rate changes on cash and cash equivalents	(97)	(285)
Cash and cash equivalents at the end of the period	2,525	2,844

Results for the year ended 31 December 2025, published 20 Apr 26 · read the announcement ↗

GROUP STATEMENT OF COMPREHENSIVE INCOME · For the year ended 31 December 2025 · Year ended 31 December 2025 Year ended 31 December 2024


Revenue	4	149,600	111,344
Cost of sales	4	(99,852)	(75,537)
Gross profit	49,748	35,807
Administrative expenses	(17,664)	(11,040)
Operating profit before M&A and Main Market-related items	5	32,084	24,767
Depreciation	1,713	1,485
Amortisation of intangible assets	5,466	2,388
Share-based payments	5,029	2,550
Adjusted EBITDA	3	44,292	31,190
M&A-related items	5	(878)	(1,074)
Main Market listing costs	(1,473)	-
Operating profit	5	29,733	23,693
Finance income	162	394
Finance costs	(2,305)	(1,198)
Net finance expense	6	(2,143)	(804)
Profit before taxation	5	27,590	22,889
Taxation	7	(7,894)	(6,510)
Profit for the year	19,696	16,379
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation on foreign currency net investments	(4,367)	1,079
Other comprehensive income, net of tax	(4,367)	1,079
Total comprehensive income	15,329	17,458
Basic earnings per Ordinary share (p)	10	41.33	34.80
Diluted earnings per Ordinary share (p)	10	37.18	31.64
All results relate to continuing operations.
The notes form part of these accounts.
Group and Company Statements of Financial Position
As at 31 December 2025
Group Company
Note £'000s £'000s £'000s £'000s
Assets
Non-current assets
Intangible assets	197,319	128,809	-	-
Property, plant and equipment	4,214	4,927	-	-
Investments	-	-	145,092	117,317
Other receivables	3,701	3,023	3,129	2,469
Loans to shareholders	8,566	7,399	8,566	7,399
Deferred tax asset	4,704	3,830	-	-
Total non-current assets	218,504	147,988	156,787	127,185
Current assets
Trade and other receivables	26,810	18,385	44,068	782
Corporation tax receivable	716	467	311	-
Cash and cash equivalents	5,054	7,527	157	1,837
Total current assets	32,580	26,379	44,536	2,619
Total assets	251,084	174,367	201,323	129,804
Liabilities
Current liabilities
Trade and other payables	30,316	25,675	16,911	13,487
Loans and borrowings	10,589	1,530	-	-
Corporation tax	-	-	-	80
Other creditors	22,325	5,564	21,442	-
Total current liabilities	63,230	32,769	38,353	13,567
Net current assets/(liabilities)	(30,650)	(6,390)	6,183	(10,948)
Non-current liabilities
Loans and borrowings	22,933	3,366	13,970	-
Deferred tax liability	666	833	-	-
Other non-current liabilities	21,727	5,286	18,776	-
Total non-current liabilities	45,326	9,485	32,746	-
Total liabilities	108,556	42,254	71,099	13,567
Net assets	142,528	132,113	130,224	116,237
Equity
Share capital	52	52	52	52
Share premium	45,384	33,702	45,384	33,702
Capital redemption reserve	2	2	2	2
EBT share reserve	(4,014)	(2,897)	(4,014)	(2,897)
Merger relief reserve	46,870	46,870	46,870	46,870
Foreign currency translation reserve	(2,910)	1,457	-	-
Retained earnings	57,145	52,927	41,930	38,508
Total shareholders' equity	142,528	132,113	130,224	116,237

Group and Company Cash Flow Statements · For the year ended 31 December 2025 · Group Company

	31 December 2025 £'000s	31 December 2024 £'000s	31 December 2025 £'000s	31 December 2024 £'000s
Cash flows from operating activities:
Cash generated from operations	39,970	35,456	17,890	11,392
Taxation paid	(6,964)	(6,058)	(411)	(68)
Net cash generated from operating activities	33,006	29,398	17,479	11,324
Cash flows from investing activities
Purchase of property, plant and equipment	(73)	(84)	-	-
Software development costs	(131)	(242)	-	-
Payment for acquisition of subsidiary, net of cash acquired	(36,358)	(21,178)	-	-
Interest received	41	394	12	303
Net cash generated/(utilised) in investing activities	(36,521)	(21,110)	12	303
Cash flows from financing activities
EBT Ordinary share purchases	(20,718)	(12,178)	(20,718)	(12,178)
EBT Ordinary share sales	7,019	4,105	7,019	4,105
Loans to shareholders	(2,350)	(2,500)	(2,350)	(2,500)
Loans repaid by shareholders	1,198	2,592	1,198	2,592
s455 tax paid re loans to shareholders	(660)	(949)	(660)	(949)
Proceeds from borrowings	59,999	13,723	27,150	6,800
Interest and transaction costs paid on borrowings	(1,497)	(660)	(1,298)	(612)
Repayment of borrowings	(31,435)	(14,419)	(21,110)	(6,800)
Lease liability payments	(1,487)	(1,103)	-	-
Interest paid on lease liability	(249)	(288)	-	-
Ordinary share dividends paid to shareholders	(8,402)	(6,907)	(8,402)	(6,907)
Net cash generated/(utilised) in financing activities	1,418	(18,584)	(19,171)	(16,449)
Net decrease in cash and cash equivalents	(2,097)	(10,296)	(1,680)	(4,822)
Cash and cash equivalents at the beginning of the period	7,527	18,130	1,837	6,659
Effects of exchange rate changes on cash and cash equivalents	(376)	(307)	-	-
Cash and cash equivalents at the end of the period	5,054	7,527	157	1,837

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 26 (six months to 30 Jun 26), published 21 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	167.1	149.6	111.3
Gross profit	56.0	49.7	35.8
Adjusted EBITDA	50.4	44.3	31.2
Operating profit	34.0	29.7	23.7
Depreciation (owned assets)	–	1.7	1.5
Amortisation	7.5	5.5	2.4
Share-based payments	5.4	5.0	2.5
Operating profit to net income
Finance costs	–	(2.3)	(1.2)
Profit before tax	30.2	27.6	22.9
Tax	(9.2)	(7.9)	(6.5)
Net income (owners)	21.0	19.7	16.4
Per share
EPS basic	43.0p	41.3p	34.8p
EPS diluted	38.6p	37.2p	31.6p
Dividend per share	–	22.6p	17.8p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	89.0	+25%	78.2	71.4
Gross profit	30.6	+26%	25.4	24.3
Adjusted EBITDA	27.6	+29%	22.8	21.5
Operating profit	20.2	+27%	13.8	15.9
Amortisation	3.6	+139%	4.0	1.5
Share-based payments	2.6	+19%	2.8	2.2
Operating profit to net income
Profit before tax	18.0	+17%	12.2	15.4
Tax	(5.6)	+30%	(3.6)	(4.3)
Net income (owners)	12.3	+12%	8.7	11.0
Per share
EPS basic	24.9p	–	18.1p	23.2p
EPS diluted	22.7p	–	15.9p	21.3p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	27.0	33.0	29.4
Tax paid	(10.0)	(7.0)	(6.1)
Investing activities
Capex (PP&E)	(0.1)	(0.1)	(0.1)
Capex (intangibles)	(0.0)	(0.1)	(0.2)
Financing activities
Lease principal paid	(1.7)	(1.5)	(1.1)
Lease interest paid	(0.2)	(0.2)	(0.3)
Dividends paid	(9.1)	(8.4)	(6.9)
Share buybacks	(11.2)	(20.7)	(12.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	2.8	−68%	24.3	8.7
Tax paid	(6.0)	+101%	(4.0)	(3.0)
Investing activities
Capex (PP&E)	(0.0)	n/m	(0.0)	(0.0)
Capex (intangibles)	(0.0)	−73%	(0.0)	(0.1)
Financing activities
Lease principal paid	(0.9)	+34%	(0.8)	(0.7)
Lease interest paid	(0.1)	−49%	(0.1)	(0.1)
Dividends paid	(3.7)	+24%	(5.4)	(3.0)
Share buybacks	(8.4)	−53%	(2.8)	(18.0)

	Latest Jun 26	FY 25	FY 24
Non-current assets
Goodwill	–	197.3	128.8
Other intangibles	–	197.3	128.8
Property, plant & equipment	4.5	4.2	4.9
Non-current assets	232.5	218.5	148.0
Current assets
Trade receivables	36.8	26.8	18.4
Cash	2.5	5.1	7.5
Current assets	40.5	32.6	26.4
Total assets	273.0	251.1	174.4
Current liabilities
Trade payables	29.2	30.3	25.7
Borrowings, current	7.6	10.6	1.5
Current liabilities	50.8	63.2	32.8
Non-current liabilities
Borrowings, non-current	55.9	22.9	3.4
Non-current liabilities	69.4	45.3	9.5
Total liabilities	120.2	108.6	42.3
Equity
Total equity	152.7	142.5	132.1

	H1 26	H2 25	H1 25	H2 24
Non-current assets
Goodwill	–	197.3	–	128.8
Other intangibles	–	197.3	–	128.8
Property, plant & equipment	4.5	4.2	4.4	4.9
Non-current assets	232.5	218.5	141.9	148.0
Current assets
Trade receivables	36.8	26.8	22.9	18.4
Cash	2.5	5.1	2.8	7.5
Current assets	40.5	32.6	25.7	26.4
Total assets	273.0	251.1	167.6	174.4
Current liabilities
Trade payables	29.2	30.3	26.6	25.7
Borrowings, current	7.6	10.6	1.1	1.5
Current liabilities	50.8	63.2	31.3	32.8
Non-current liabilities
Borrowings, non-current	55.9	22.9	13.0	3.4
Non-current liabilities	69.4	45.3	16.2	9.5
Total liabilities	120.2	108.6	47.5	42.3
Equity
Total equity	152.7	142.5	120.1	132.1

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.