The executive search group behind Spencer Riley is pairing double-digit revenue growth with a corporate treasury built on Bitcoin.
Connecting Excellence (AIM: XCE) has posted unaudited revenue of £1.84m for the twelve months to 30 June 2026, up 20.6% year-on-year, as founder and chief executive Scott Ellam set out the group's unusual dual strategy of executive recruitment and Bitcoin accumulation at the UK Investor Magazine Investor Evening.
The growth was driven by the group's operating business, Spencer Riley, which places senior and C-suite executives across professional services, advisory, engineering, life sciences, logistics and artificial intelligence, with more than 70% of revenue earned overseas. Gross margin held at 58% over the period, underlining the resilience of the placement business even as the group diverts surplus cash into digital assets.
Ellam's presentation framed Connecting Excellence as a two-track growth story: buying profitable, owner-managed recruitment firms that currently lack a natural exit route, and recruiting high-billing consultants who are offered equity in the listed vehicle rather than cash alone. Both surplus operating cash and the reserves of acquired businesses are being converted into Bitcoin, with management explicitly targeting growth in both operating earnings and Bitcoin held per share.
The model echoes a wider trend of small-cap companies bolting Bitcoin treasuries onto operating businesses, using cash-generative trading arms to fund and justify digital asset accumulation rather than relying purely on capital raises. For a recruitment group, the approach also offers a differentiator in a crowded small-cap market where investors are increasingly attentive to balance sheet strategy alongside underlying trading.
No share price move or trading update accompanied the presentation, which was recorded at the Investor Evening held in association with Aquis Stock Exchange. Investors will be watching for confirmation of the FY2026 numbers via audited results, further acquisitions under the buy-and-build strategy, and disclosure of the group's Bitcoin holdings as the treasury strategy matures.
This report is based on Connecting Excellence’s announcement and coverage by UK Investor Magazine. Company announcements can be tracked via London Stock Exchange RNS and Investegate, and the full results calendar is worth watching for the next update.
This article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Photo: André François McKenzie on Unsplash.
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