Half-year Results

Elixirr International plc (AIM:ELIX), an established, global award-winning, challenger consultancy, is pleased to report its unaudited interim results for the six months ended 30 June 2024 (H1 24). Comparative results are presented for the six months ended 30 June 2023 (H1 23).

Financial Highlights

[1] In order to provide better clarity to the underlying performance of the Group, Elixirr uses adjusted EBITDA and adjusted earnings per share as alternative performance measures ('APMs'). Please refer to note 2 of the Group's interim condensed consolidated financial statements.

[2] Guidance range of 27-29% for FY 24.

[3] No debt other than office leases capitalised under IFRS16, which are not included in the definition of net cash.

Operating Highlights

• H1 24 saw us progress our strong growth trajectory as a business and continue to outperform the wider consulting market.
• There has been continued growth across each pillar of our four-pillar strategy which highlights the increasing demand for our broad suite of services across the Group.
• Creation of additional value from our previous acquisitions, with £8m+ cross-sell revenue having been achieved in H1 24 - 82% growth on the cross-sell revenue generated in H1 23.
• One new UK Partner hired in H1 24 with experience founding, scaling and exiting multiple businesses. Two new Partners have joined us since the end of the period - one to build out our cybersecurity practice, and the second to enhance our financial services expertise. One Partner promotion took effect at the beginning of the year, marking the firm's first Partner promotion from within an acquired business. This underscores Elixirr's ongoing integration of acquired companies and demonstrates our commitment to developing talent across the Group.
• Following these investments in our Partner team, we have still delivered average revenue per client-facing Partner of £2.09m in H1 24 (+2% increase compared to H1 23).
• Increase in number of £1m+ clients from 18 in H1 23 to 22 in H1 24 [1] , demonstrating our ability to deepen and maintain relationships with clients.
• Bringing on 30+ new clients across the Elixirr Group through our improving brand visibility and networks.
• The first vest of options for longstanding employees that were in the business pre-IPO occurred in July 2024 - highlighting the value of Elixirr's equity incentive schemes for our team without any dilution of existing shareholders. The holders of 97% of the options chose to continue to hold their equity rather than sell.
• Recognised for the first time on the World's Best Management Consulting Firms 2024 list by Forbes, demonstrating our growing reputation and brand value.

[1] On a 12-month trailing basis.

Current Trading and Outlook

Our strong momentum has continued into the start of the second half and our expectations for the full year remain unchanged. The Board continues to expect to report revenue within the guidance range of £104-110m and profitability remains strong - full year EBITDA margin is expected to be within the 27-29% guidance range.

Commenting on the results, Stephen Newton, Chief Executive Officer said:

"We do things differently at Elixirr and our performance in the first half of the year further proves that our strategy and model is working. I am so proud of our talented team who continue to help our clients tackle the toughest boardroom issues in new ways. I would also like to thank our clients, both old and new, for trusting in us as partners in their journey to building more innovative businesses worldwide.

Alongside our exceptional results, I am delighted that earlier this year the first tranche of pre-IPO options became exercisable for some of our team, which we satisfied through the EBT rather than diluting our shareholders. They are the first group of employees to realise the benefit of our collective work in profitably growing the firm over the last 4 years. Shared ownership is key to Elixirr's entrepreneurial culture, and I am particularly delighted by this milestone. Additionally, for the first time, Elixirr has recently been recognised on the World's Best Management Consulting Firms 2024 list by Forbes. This is based on our performance within 13 industries, including healthcare, banking and technology, as well as 14 functional consulting areas such as strategy and digital transformation. Such recognition further validates our progress so far and reinforces that Elixirr is firmly on the journey to becoming the best consulting firm in the world.

We expect this strong performance to continue for the rest of the year."

INTERIM MANAGEMENT REPORT

Financial Performance Review

[1] In order to provide better clarity to the underlying performance of the Group, Elixirr uses adjusted EBITDA and adjusted earnings per share as alternative performance measures ("APMs"). Please refer to note 2 of the Group's interim condensed consolidated financial statements.

[2] No debt other than office leases capitalised under IFRS16, which are not included in the definition of net cash.

The Board is pleased to report that the Group delivered a strong performance in H1 24, with continued growth in revenue and adjusted EBITDA, in line with our ambition to build the best digital, data, AI and strategy consultancy in the world. We have continued to deliver a broad range of exceptional services to our client base, leveraging the acquisitions made and Partners hired and promoted in FY 23.

During H1 24, Group revenue increased to £53.0m with four record revenue months. This represents 28% absolute revenue growth compared to H1 23. Organic revenue growth was 14%, with £4.1m growth from expanding existing client accounts. Growth from new clients has increased significantly from £4.3m in H1 23 to £6.4m in H1 24. The growth in new and existing clients is testament to our growing brand reputation and ability to win new work, expanding key accounts whilst maintaining high client retention and utilising the networks of our new Partners hired from the market and those who joined us through acquisitions.

The following revenue bridge displays the elements of the growth in revenue from £41.6m in H1 23 to £53.0m in H1 24.

The Group's revenue growth was accompanied by industry leading profitability. Group gross profit increased by 21% to £17.4m (H1 23: £14.3m) and was delivered at a 33% gross profit margin (H1 23: 34%).

Group adjusted EBITDA increased by 23% compared to H1 23, totalling £15.1m (H1 23: £12.3m), and maintaining our consistent track record of profitability with an adjusted EBITDA margin of 29% (H1 23: 30%), which is in line with the FY 24 guidance of 27-29% adjusted EBITDA margin.

Profit before tax increased by 22% to £12.0m (H1 23: £9.9m), with growth in EBITDA having flowed through to profit before tax.

Adjusted diluted earnings per share increased by 16% to 21.5p (H1 23: 18.5p). This increase was less than the growth in profit before tax given the higher effective tax rate during H1 24 (UK corporation tax main rate increased from 19% to 25% with effect from 1 April 2023).

The Group's net cash position increased by 14% from £19.5m at 30 June 2023 to £22.1m at 30 June 2024. The increase resulted from higher operating cash flow in H1 24 compared to H1 23, due to growth in EBITDA as well as improved working capital performance. The increase in cash generated from operating activities was partially offset by our interim dividend payment for FY 23 of £2.5m paid in February 2024.

Net assets as at 30 June 2024 totalled £122.6m (31 December 2023: £119.6m). The increase in net assets during H1 24 includes: the retained profit for the period of £3.5m (after the FY 23 final and interim dividends totalling £6.9m and partially offset by a credit for the share-based payments charge and related deferred tax of £1.5m); the sale of shares by the EBT of £0.9m less purchases of shares by the EBT of £1.6m; and foreign currency gains of £0.2m following the strengthening of the US dollar.

Operational Review

In the first half of FY 24, Elixirr leveraged its broad offering across the Group to provide exceptional services for clients, enhancing existing relationships and developing relationships with new clients:

• Scaled relationships with existing clients, growing our 'gold clients' (clients with £1m+ revenue) by 22% whilst simultaneously generating new client relationships (30+ new clients added across the Group)
• Increased cross-sell across the Group with particular focus on leveraging the networks of the Insigniam Partner team
• Transitioned to an internal model across all capabilities, aligned to industry verticals, geographies and capabilities to better support Partners selling to clients
• More than doubled revenue generated from marketing leads from H1 23 to H1 24, and increased website traffic by 32%, reflecting our growing brand
• Launched a Data and AI Academy in South Africa, aimed at helping recent graduates gain hands-on exposure to the IT industry. These programmes ensure that we continue to grow our own expert talent pool and diversify our Centre of Excellence beyond Croatia, while contributing back to the countries and communities that have helped to make Elixirr successful

During the period, we helped our clients tackle a variety of challenges, including:

• We supported the day 1 readiness for a $2 billion acquisition for a global industrials firm. Defined the plan and methodology required to manage the complex integration activities and TSA Exit of IT Services
• Implemented a Generative AI-powered dashboard and ChatBot for a US telecommunications company, increasing sales prospecting productivity by 90%+
• We supported a major nonprofit to redefine its technology operating model by designing the capabilities needed to support the organisation's broader scaling strategy. This included enhancing data and analytics, cybersecurity, business partnering, and IT risk management capabilities
• Successfully launched a new brand, website, customer portal and mobile app for a major US industrials firm, integrating everything with SAP and Salesforce to enhance the digital experience. This digital transformation used cross-brand experience from across the Elixirr Group
• We partnered with a leading global pharmaceutical company to align and strengthen the senior leadership team of their manufacturing and supply division, in preparation to drive the next phase of a new target operating model
• Redefined the data strategy and data programme for a leading global reinsurance broker, and utilised cross-brand expertise to deliver this programme of work. This included the design and implementation of multiple, innovative broking and analytics tools and business processes

Elixirr has been acknowledged in H1 24 through multiple awards and accolades, including:

• Being recognised for the first time on the World's Best Management Consulting Firms 2024 list by Forbes
• Listed as one of the UK's Leading Management Consultants 2024 by the Financial Times for our work across Data, IT & Technology, Finance, Innovation and Marketing
• Recognised again by Consultancy.UK as a Top Consulting Firm in the UK, earning platinum and gold rankings in eleven service areas, including Strategy, Digital and Data Science
• Listed again on the Global Outsourcing 100® in 2024, the annual list of the world's best outsourcing service providers and advisors compiled by the International Association of Outsourcing Professionals (IAOP®)
• Recognised as one of the fastest-growing alumni-led businesses by Longhorn 100 - an organisation promoting the entrepreneurial success of University of Texas Alumni

Growth Strategy

Elixirr's growth strategy remains centred around the following pillars:

• Stretching our existing Partners
• Promoting Partners from within
• Hiring new Partners
• Acquiring new businesses

H1 24 average revenue per client-facing Partner of £2.09m is largely consistent with H1 23 (+2% increase), as set out in the Partner revenue bridge below. This continues growth in this metric at the same time as making investments in growing the Partner team, reflecting the impact of promoted Partners becoming accountable for client revenue, and the addition of acquired Partners. This performance highlights the ability of the entire Elixirr Partner team to maintain a consistently high-quality bar across engagements.

Stretching our existing Partners

In H1 24, the established Partners in our firm generated average revenue of £2.56m each - this was an 18% increase on the £2.18m achieved in H1 23 and reflects the increase in Partner revenue targets for FY 24 as well as a focus on strengthening client relationships through providing more value-adding services from our acquisitions, all of which has resulted in an increase in the number of clients generating >£1.0m revenue to 22 from 18 in H1 23.

Promoting Partners from within

Our strategy of giving promoted Partners a 'runway' to develop their Partner-level experience continued to pay off, with the promoted Partner team achieving £4.6m revenue in H1 24.

In January 2024 Nick Larsen joined the Partner team and he is the firm's first Partner promotion from within one of our acquisitions, bringing deep technical data and analytics expertise into the leadership team. This was a significant milestone in our acquisition strategy, reflecting the successful integration of Elixirr Digital Inc (formerly iOLAP) within the Elixirr Group. In this role, based out of Elixirr's Dallas office, Nick will continue his focus on growing the Group's Amazon Web Services practice and helping clients navigate their cloud journeys.

Nick has spent his career in consulting and professional services firms and has worked with leading global organisations, running the delivery of complex, high-tech data platforms across sectors from telecom to CPG. His appointment to Partner is and will continue to be key in contributing to Elixirr's future success.

Of Elixirr's current Partner team, ten have been promoted from the Principal grade. Growing our own talent is also key to our future success, and we have remained focused on developing Principal talent during the first half of the year with two external hires and a further three Managers promoted to Principal, bringing our client-facing Principal team to 38.

Hiring new Partners

We have continued to progress our third growth pillar, hiring new Partners in 2024. We continually progress a pipeline of potential Partner candidates and anticipate that several new Partners will be joining us in the coming months.

Nicola Hartland joined in Q1, boasting previous experience as an entrepreneur and having founded, scaled and exited multiple businesses. Her focus is primarily on business development, and she has made excellent progress, having sourced over 50 introductions for the firm since joining the Partner team.

In addition, we continue to build a pipeline of future Partner hires in key strategic focus areas and geographies. Two new Partners have joined us since the end of the period - one to build out our cybersecurity practice, and the second to enhance our financial services expertise, facilitating further penetration into key markets. We are very excited at the impact both will have on our firm, alongside our future planned Partner hires who are in the pipeline.

Acquiring new businesses

Our dedicated mergers and acquisitions team screened a further 700+ targets in the first half of 2024, with several potential acquisition opportunities across the various stages of the pipeline. In H2 24 we will focus on maturing later stage opportunities that meet the Elixirr quality bar and our exacting criteria for target firms.

During H1 24 we were very pleased with the performance of both our recent acquisitions, Elixirr AI (formerly Responsum) and Insigniam. Insigniam complements the Group's existing service offerings by bringing specialist services in transformation, leadership alignment, cultural change and executive coaching to Elixirr, as well as additive industries such as healthcare, pharma and biotech. Elixirr AI provides us with cutting-edge generative AI technology, and we are seeing strong and growing demand from current and new clients for our AI strategy and execution capabilities.

Acquiring top-quality businesses remains a key priority of our growth strategy. Looking across all our acquisitions saw the creation of additional value for our clients in H1 24, with £8m+ cross-sell revenue having been achieved in the period - an 82% growth on the cross-sell revenue generated in H1 23. Through this proven growth, we will continue to add to our suite of capabilities and enhance our service offering for our clients, bringing new entrepreneurial leaders into our existing Partner team.

Outlook

The Board remains confident in the Group's outlook for FY 24. The Board continues to expect to report revenue within the guidance range of £104-110m and profitability remains strong. We also expect the full year EBITDA margin to be within the 27-29% guidance range.

Gavin Patterson Stephen Newton

Chairman Chief Executive Officer

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2024

All results relate to continuing operations.

The attached notes form part of these interim condensed consolidated financial statements.

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2024

Share capital

Share capital represents the nominal value of share capital subscribed.

Share premium

Capital redemption reserve

EBT share reserve

The Employee Benefit Trust ("EBT") share reserve represents the cost of shares repurchased and held in the EBT.

Merger relief reserve

Foreign currency translation reserve

Retained earnings

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2024

Notes to the Group's Interim Condensed Consolidated Financial Statements

Basis of Preparation and Significant Accounting Policies

1.1. General information

The Company is a public company limited by shares incorporated in England and Wales and domiciled in the UK. The address of the registered office is 12 Helmet Row, London, EC1V 3QJ and the Company number is 11723404.

The consolidated financial statements were authorised for issue in accordance with a resolution of the Directors on 20 September 2024.

1.2. Basis of preparation

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements, as at and for the year ended 31 December 2023. They do not include all of the information required for a complete set of IFRS financial statements, however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

Statutory accounts

Financial information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 ("the Act").

The financial information provided for the current six-month period ended 30 June 2024 and comparative period ended 30 June 2023 is unaudited. The financial information provided for the comparative period ended 31 December 2023 was audited.

1.3. Basis of consolidation

These financial statements consolidate the financial statements of the Company and its subsidiary undertakings as at 30 June 2024.

1.4. Measurement convention

These financial statements have been prepared under the historical cost convention, except as otherwise described in the accounting policies.

The preparation of the consolidated financial information in compliance with IFRS requires the use of certain critical accounting estimates and management judgements in applying the accounting policies. The significant estimates and judgements that have been made and their effect is disclosed in note 1.6.1.

1.5. Going concern

1.6. Material accounting policies

Please refer to the Group's last annual consolidated financial statements for full disclosure of the principal accounting policies that have been adopted in the preparation of these interim condensed consolidated financial statements. The key accounting policies that affected the Group in the period are documented below.

1.6.1. Judgements and key sources of estimation uncertainty

In the process of applying the Group's accounting policies, the Directors have made no judgements (excluding those involving estimations), which are considered to have a significant effect on the amounts recognised in the financial statements for the period ending 30 June 2024.

The key sources of estimation uncertainty that could cause an adjustment to be required to the carrying amount of assets or liabilities within the next accounting period are:

• Revenue is recognised in line with time worked on a project unless the engagement is conditional or contingent. Management review accrued revenue to determine whether there is any likelihood of any amendments or provisions required based on project progress and relationship with the client.
• The Group's policy on recognising an impairment of the trade receivables balance is based on a review of individual receivable balances, their ageing and management's assessment of realisation. This review and assessment is conducted on a continuing basis and any material change in management's assessment of trade receivable impairment is reflected in the carrying value of the asset.
• Provisions for dilapidations are accrued based on estimation of the cost expected to crystallise on vacating leased premises.
• In determining the fair value of intangible assets arising on business combinations, management is required to estimate the timing and amount of future cash flows applicable to the intangible assets being acquired.
• Management has estimated the share-based payments expense under IFRS 2. In determining the fair value of share-based payments, management has considered several internal and external factors in order to judge the probability that management and employee share incentives may vest and to assess the fair value of share options at the date of grant. Such assumptions involve estimating a number of future performance and other factors.
• The Elixirr Digital Inc (formerly iOLAP), Elixirr AI Inc (formerly Responsum) and Insigniam contingent consideration calculations under IFRS 3 contain estimation uncertainty, as the earn-out potentially payable in each case is linked to the future performance of the acquiree. In estimating the fair value of the contingent consideration, at both the acquisition date and the period end, management has estimated the potential future cash flows of the acquirees and assessed the likelihood of an earn-out payment being made. These estimates could potentially change as a result of events over the coming years.

1.6.2. Revenue recognition

This occurs as follows for the Group's various contract types:

• Time-and-materials contracts are recognised over time as services are provided at the fee rate agreed with the client where there is an enforceable right to payment for performance completed to date.

The Group's standard payment terms require settlement of invoices within 30 days of receipt.

1.6.3. Business combinations, goodwill and consideration

Business combinations

Goodwill

Contingent and non-contingent deferred consideration on acquisition

1.6.4. Foreign currency translation

Functional and presentational currency

Transactions and balances

1.6.5. Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets acquired in a business combination are initially measured at their fair value (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and any accumulated impairment losses.

1.6.6. Tangible assets

Costs comprise purchase costs together with any incidental costs of acquisition.

1.6.7. Impairments of tangible and intangible assets

1.6.8. Employee benefits

Post-retirement benefits

The Group pays into defined contribution pension schemes on behalf of employees, which are operated by third parties. The assets of the schemes are held separately from those of the Group in independently administered funds.

Share-based payments

The cost of share-based employee compensation arrangements, whereby employees receive remuneration in the form of share options, is recognised as an employee benefit expense in the statement of profit and loss.

Please refer to note 12 for further details.

1.6.9. Earnings per share

The Group presents basic and diluted earnings per share.

Alternative Performance Measures ("APMs")

In order to provide better clarity to the underlying performance of the Group, Elixirr uses adjusted EBITDA and adjusted EPS as alternative performance measures. These measures are not defined under IFRS. These non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance, but have been included as the Directors consider adjusted EBITDA and adjusted EPS to be key measures used within the business for assessing the underlying performance of the Group's ongoing business across periods.

Adjusted EBITDA excludes the following items from operating profit: non-cash depreciation and amortisation charges, share-based payments and non-recurring M&A-related items. Adjusted EPS excludes the following items from profit after tax: amortisation charges, share-based payments, non-recurring M&A-related items, M&A-related non-cash finance costs and their related tax impacts.

Potential Ordinary shares are treated as dilutive when their conversion to Ordinary shares would decrease EPS. Please refer to note 5 for further detail.

Segment Reporting & Restatement

IFRS 8 requires that operating segments be identified on the basis of internal reporting and decision-making. The Group is operated as one global business by its executive team, with key decisions being taken by the same leaders irrespective of the geography where work for clients is carried out. The Directors therefore consider that the Group has one operating segment. As such, no additional disclosure has been recorded under IFRS 8.

H1 24 revenue includes £0.4m of reimbursable expenses. H1 23 revenue and cost of sales have been restated to reclassify reimbursable expenses as revenue, which was previously reported in cost of sales. The reimbursable expenses revenue was reclassified by restating each of the affected financial statement line items for the prior period as follows:

The M&A-related items include non-recurring costs associated with M&A activity.

Earnings Per Share

Diluted EPS takes into consideration the Company's dilutive contingently issuable shares. The weighted average number of Ordinary shares used in the diluted EPS calculation is inclusive of the number of share options and ESPP matching awards that are expected to vest (subject to performance criteria being met) and the number of shares that may be issued to satisfy contingent M&A deferred consideration.

The profits and weighted average number of shares used in the calculations are set out below:

Goodwill

Goodwill arising on acquisition of a business in H2 23 relates to the acquisitions of Elixirr AI Inc (formerly Responsum) and Insigniam and was calculated as the fair value of the consideration less the fair value of the net identifiable assets at the date of the acquisition.

In line with IAS 36, the carrying value of goodwill is not subject to systematic amortisation but is reviewed at least annually for impairment. The Group performs an annual impairment assessment. At 30 June 2024, the Directors determined that there are no indications that the assets held are at risk of impairment.

Customer Relationships and Order Book

Additions in H2 23 represent the fair value of customer relationships and order books from the acquisitions of Elixirr AI Inc (formerly Responsum) and Insigniam.

The fair values were determined by applying the Multi-Period Excess Earnings method. The amortisation charge is recognised within administrative expenses.

Receivables

Loans to shareholders represent amounts owed by shareholders, who are senior employees of the Group. The loans to shareholders are interest-free and expected to be repaid beyond one year.

Non-current other receivables include property deposits and s455 tax receivable.

The carrying value of non-current other receivables and loans to shareholders is considered to be a reasonable approximation of their fair value, but has not been discounted to present value.

Trade receivables are non-interest bearing and receivable under normal commercial terms. Management considers that the carrying value of trade and other receivables approximates to their fair value. The expected credit loss on trade and other receivables was not material at the current or prior year ends.

Trade and Other Payables

Trade payables comprise amounts outstanding for trade purchases and ongoing costs.

Other Creditors and Other Non-current Liabilities

Contingent consideration in H1 24 includes earn-out payments which are contingent on performance and arose from the acquisition of Elixirr Digital Inc (formerly iOLAP), Elixirr AI Inc (formerly Responsum) and Insigniam.

Other non-current liability payments fall due beyond 12 months from the reporting date.

Share capital, Share premium and Merger Relief Reserve

H1 24

The total number of voting rights in the Company at 30 June 2024 was 47,272,811.

Ordinary shares

Redeemable Preference shares

The Redeemable Preference shares are entitled to dividends at a rate of 1% per annum of paid-up nominal value. The shares have preferential right, before any other class of share, to a return of capital on winding-up or reduction of capital or otherwise of the Company. The Redeemable Preference shares are redeemable 100 years from the date of issue or at any time prior at the option of the Company.

Employee Benefit Trust ("EBT") Share Reserve

The EBT share reserve comprises of Ordinary and Redeemable Preference shares bought and held in the Group's EBT.

At 30 June 2024, the EBT held 381,892 (FY 23: 397,667) Ordinary shares and 50,001 Preference shares (FY 23: 50,001) at a weighted average cost of £5.11 (FY 23: £4.26) and £1.01 (FY 23: £1.01), respectively.

Share-based Payments

Share Option Plans

During H1 24, a total of 2,000,392 (H1 23: 2,112,139) share options were granted to employees and senior management. The weighted average fair value of the options awarded in the period is £1.68 (H1 23: £1.23) per share.

Details of share option awards made are as follows:

The options outstanding at 30 June 2024 had a weighted average remaining contractual life of 2.5 years (H1 23: 2.7 years) and a weighted average exercise price of £4.08 (H1 23: £3.37) per share.

The options were fair valued at the grant date using the Black Scholes option valuation model. The inputs into the model were as follows:

Expected volatility was determined by calculating the historic volatility of the Company's share price. The expected expense calculated in the model has been adjusted, based on management's best estimate, for the effects of non market-based performance conditions and employee attrition.

Reasonable changes in the above inputs do not have a material impact on the share-based payment charge in H1 24.

Fixed Consideration Options

In addition to the share options set out in the table above, share options with an exercise price of £0.00005 were issued in connection with the acquisition of Elixirr Digital Limited. These share options are for a fixed monetary consideration where the number of share options is variable and determined with reference to the share price at the date of vesting.

The monetary value of such share options is as follows:

Value (£'000s)

The share price at the date of exercise of the Elixirr Digital Limited options was £5.85.

Employee Share Purchase Plan ("ESPP")

During H1 24, the Company awarded 233,690 (H1 23: 185,546) matching shares on the basis of one matching share for every one employee share purchased during FY 23. The matching shares vest equally over a 5-year period with the first tranche vesting on 31 January 2025.

Details of ESPP awards made are as follows:

Number of ESPP awards (000's)

Ordinary Dividends

An interim Ordinary share dividend in respect of the financial year ended 31 December 2023 of 5.3 pence per Ordinary share was paid on 15 February 2024.

The Board proposed a final Ordinary share dividend in respect of the financial year ended 31 December 2023 of 9.5 pence per Ordinary share, which was approved by shareholders at the Annual General Meeting in June 2024, and paid on 20 August 2024.

Cash Flow Information

Cash generated from operations:

Events After the Reporting Date

On 8 July 2024, the EBT purchased 1,419,890 Ordinary shares from certain Directors, PDMRs, employees and shareholders of the Company at a price of 565 pence per share and for a total cost of £8.0m. The purchase was to ensure that the EBT had sufficient shares to satisfy demand (including to satisfy 1,128,887 options that were exercised in July 2024) without dilution of existing shareholders.

On 20 August 2024 the Company paid the final Ordinary share dividend in respect of the financial year ended 31 December 2023. The amount paid of £4.4m represented 9.5 pence per Ordinary share.

As at 20 September 2024, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company continues to have 47,272,811 Ordinary shares in issue, of which none are held in Treasury. The total number of voting rights in the Company is 47,272,811. This figure of 47,272,811 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.