Crayon reports strong gross profit growth in Q1
Crayon Group Holding ASA (OSE: CRAYN) today reported its first-quarter results with a Gross Profit growth of 17% and Adjusted EBITDA at NOK 203m, corresponding to a margin of 14%.
"We have delivered a strong start to the year, demonstrating how Crayon’s unique capabilities are well-aligned with the market’s rising demand for software and cloud,” said CEO Melissa Mulholland. “As businesses expand their IT portfolio to prepare for generative AI, more companies need software for security and productivity requirements. This, coupled with our global market reach, means we continue to see significant opportunities to increase our international growth.”
| Financial highlights | Q1 2024 | |
| Gross Profit | NOK 1 474m | Up 17% |
| Adjusted EBITDA | NOK 203m | Up 10% |
| Cash flow from Operations | NOK 97m | Up 28% |
Adjusted EBITDA ended at NOK 203m, reflecting a margin of 14%. Measures to improve profitability within Consulting was implemented in Q124 and will have effect from Q2 and in the second half of the year, supporting the company’s Adjusted EBITDA Outlook of 18-20% for the full year.
Cash flow from operations ended at NOK 97m. Net Working Capital ended at NOK -1.1bn, an improvement of NOK 867m compared to the same quarter previous year. Crayon continues to implement measures to strengthen working capital.
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CEO Melissa Mulholland and CFO Brede Huser will present the results in a live webcast at 8:30 am CET that can be accessed at www.crayon.com/investor-relations. It will be possible to submit questions online. A recording of the webcast will be available on-demand after the live event has concluded.