International management consulting firm Elixirr enjoyed a bumper year in 2025, significantly outpacing the wider consulting industry with 34% growth.
The year 2025 was a record-breaking period for Elixirr. In a nutshell – revenue rose to a record £149.6 million, profit increased by more than 40% to £44 million, and cash flow grew by 11% to £31.1 million. Shareholders were also rewarded with a 27% higher dividend.
The firm’s performance was considerably stronger than that of the wider consulting sector, which slowed over the course of 2025 as market pressures intensified and technologies such as AI began to disrupt traditional consulting business models.
For Stephen Newton, Founder and CEO of Elixirr, this makes the firm’s performance all the more notable. “Across the last year we showed what Elixirr can do at scale. We have grown into a larger, more international business, adding to our capabilities and expanding across the US and Europe, while still delivering record revenues and maintaining strong margin discipline.”
“That combination of growth and control reflects a business model that truly works, powered by ambitious, equity-aligned people and long-standing, trusted relationships with our clients.”
Expansion across portfolio
While organic growth remained strong – with Elixirr expanding across geographies, industries and capabilities – the acquisition of TRC Advisory further accelerated growth. Based in Chicago with more than 50 staff, TRC Advisory is the firm’s largest acquisition to date, strengthening its capabilities in growth strategy, pricing and commercial effectiveness.
Elixirr has also acquired Denmark-based Kvadrant Consulting, establishing a presence in the Nordics. That deal, however, falls outside the 2025 financial year and will be reflected in the 2026 results.
AI-proof consulting
Newton said that a key driver of Elixirr’s growth is its distinctive approach to consulting. The firm operates a senior-led, non-pyramidal model, making it less exposed to AI disruption, which tends to affect lower-value, junior tasks. It also focuses on delivering outcomes, aligning closely with evolving client expectations.
Underpinning this model is an AI-enabled operating approach, with the firm using AI to enhance both delivery and internal workflows.
Newton: “Technology, and particularly AI, is playing an increasingly important role in how we deliver for clients and how we run our own business. As client expectations evolve, we are seeing growing demand for outcome-focused advisory that blends strategic judgement with technology and data – which is exactly where Elixirr sits. AI is a core driver of our growth, helping us work smarter, accelerate critical processes, and further improve the quality and consistency of our work.”
Looking ahead, the chief executive said the firm is closely monitoring ongoing geopolitical and economic developments in the Middle East, which could have ripple effects across its key markets. Elixirr has operations in the UK, Europe, Africa and North America.
Despite this potential risk, he remains positive: “As we look ahead, the combination of our scalable platform, broadening client base and robust balance sheet gives us real conviction in our path forward.”
Founded in 2009, Elixirr is listed on the Main Market of the London Stock Exchange. The firm aims to join the FTSE 250 index in the near future.
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