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Crayon records 27% Q4 gross profit growth due to cloud demand
Wed, 21st Feb 2024

Crayon, a customer-centric innovation and IT services company, has reported gross profit growth of 27% in its fourth-quarter results. This growth, driven by a strong performance in both the Nordics and Europe, comes off the back of a persisting demand for software and cloud solutions.

In the numbers presented, Crayon reported a cash flow from operations equating to NOK 2.1 billion and an adjusted EBITDA of NOK 241 million, presenting a margin of 15%. Shoestring into the full year 2023, the company achieved a gross profit of NOK 5.662 billion, an adjusted EBITDA of NOK 919 million, and a cash flow from operations of NOK 1.390 billion.

Melissa Mulholland, CEO of Crayon, highlights the strong, continuous demand for software and cloud solutions as a primary driver of their gross profit performance. She said, "We remain committed to continued efficiency measures to increase profitability and net working capital." She also noted an uptick in cloud spending and demand for artificial intelligence, asserting, "With the increase in cloud spending and demand for AI, we are uniquely positioned to capture market demand."

According to the information provided, the persisting drive of gross profit growth continues due to the strong and continuous performance in both the Nordics and Europe. This suggests sustained marketplace demand for Crayon's offerings in these regions.

The results of the quarter were presented by CEO Mellisa Mulholland and CFO Brede Huser during a live webcast event, effectively communicating these details to shareholders and interested observers alike. A recording of this webcast will be made available post-event for on-demand access to the company's records.

The ability to achieve such marked growth during this period might suggest a wider trend of increased demand for cloud services and innovative software across the market. This can be seen as a positive sign for the technology sector, particularly those specialised in the provision of software and cloud services.

With a healthy profit growth and an evident demand for the cloud and software services it provides, Crayon seems poised to maintain its market position and potentially grow further in the future. These results mark a positive period for the company, hinting at a promising outlook as we look ahead.

Crayon stands as a leading force in customer-centric innovation and IT services, boasting a global presence with over 4,000 dedicated team members spanning 46 countries. By optimising businesses' IT infrastructure, the company empowers innovation and fosters growth, providing trusted expertise to ensure companies not only thrive in the present but also scale seamlessly for the future.