Crayon reports 24% gross profit increase in Q3

OSLO, Norway, Nov. 8, 2023 /PRNewswire/ -- Crayon Group Holding ASA (OSE: CRAYN), a global leader in IT services and innovation, today reported its third-quarter results with a gross profit growth of 24%, reflecting the continued strong demand for software and cloud services.

"The market demand remains solid and is demonstrated by our Gross Profit performance," said Crayon CEO Melissa Mulholland. "When we look across our 46 markets, we see companies continuing to increase investments in digitalization and even more importantly, preparing their IT estate for serving the rapid transformation AI will bring with the availability of technologies such as Microsoft Copilot and Google Duet."

Microsoft 365 Copilot is a new AI-powered productivity tool designed to revolutionize the way businesses operate. Google Duet is the AI-fueled collaborator across Google Cloud.

"We remain positive to the long-term opportunities from AI and are well-positioned to take advantage of them as we were one of the partners Microsoft selected to have early access to Copilot in order to help launch one of their key products," she said.

Gross profit growth remains solid mainly driven by continuous strong performance in both the Nordics and Europe. From a business area perspective, Crayon delivered solid growth across all segments, with particularly strong performance in Software and Cloud Channel.

Financial highlights:

Gross Profit  NOK 1, 262m  Up 24% (16% in constant currency)

Adjusted EBITDA  NOK  143m  Up 27% (+ 30m)

Net Profit  NOK  -13m    Up 84% (+ 67m)

CONTACT: 
Melanie Coffee
VP of PR and Communications
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+47 46 74 86 48