Crayon reports 31% gross profit in Q1

Crayon reported its first-quarter results today with a gross profit growth of 31%, driven by a high demand for software and cloud services.
Growth was reported worldwide but was particularly strong across Europe and in the Nordics.

“While the global tech market continues to be impacted by the challenging macroeconomic climate, our focus on our core business model supports our resiliency,” said Crayon CEO Melissa Mulholland.

Adjusted EBITDA increased 50% to NOK 185m reflecting a margin of 14.7%, an improvement of 1.9 bps compared to last year. Operating profit increased to NOK 55m from NOK 47m in the same quarter the previous year.

“We see a strong demand for optimization and innovation across all our markets, and our customer centricity ensures we can deliver on those demands,” Mulholland said.

Across Europe, YOY gross profit growth increased by 53%, for the Nordics it was 26%, the US was up by 25% and Asia Pacific, the Middle East and Africa was 21%.

The financial report and presentation for Q1 2023 are available at https://www.crayon.com/investor-relations/