Crayon reports 55% gross profit increase in Q3

Increased demand for IT services globally fuels strong performance

OSLO, Norway, Oct. 25, 2022 /PRNewswire/ -- Crayon announced its financial results for the third quarter today that showed strong growth across all markets, which was largely driven by its customer-centric business model in a global market that has a continued demand for IT services.

Crayon had gross sales that were NOK 7,774m, up 51% YOY, and a gross profit of NOK 993m, up 55% YoY. The Oslo-based company also had an adjusted EBITDA of NOK 127m, up 57% from the year before.

"This rise in demand for IT services, combined with our customer-centric and agile approach, has fueled our growth this quarter across all business areas," said Crayon CEO Melissa Mulholland. "Our results reflect how enterprises globally are increasing digital initiatives in response to the current economic environment."

The earnings showed that growth was particularly strong within the software and cloud business, both to end customers and through the Channel.

Crayon continues to strengthen its international presence with markets outside the Nordics comprising 58% of gross profit for the last 12 months, up from 49% last year and 50% for the full year 2021.

Growth in the third quarter was especially strong in Europe, which had a growth rate of 43 percent. Meanwhile, the strongest gross profit growth came from the Asia Pacific, Middle East, and Africa regions.

"We do not see a slowdown in businesses IT needs," Mulholland said, "But rather a focus on how to optimize budgets and continue to identify how companies can be more efficient and productive, all of which is part of the Crayon DNA."

The financial report, presentation and webcast for Q3 2022 are available at https://www.crayon.com/investor-relations/

For more information contact:

Melanie Coffee
VP of PR and Communications
[email protected]
+47 46 74 8648

Kjell Arne Hansen
Head of Investor Relations
[email protected]
+47 950 40 372

About Crayon
Crayon is a customer-centric innovation and IT services company with over 3,300 team members across 47 countries. We optimize businesses' IT estate to help them innovate with expertise they can trust. Our services create value for companies to thrive today, and scale for tomorrow. For more information, visit www.crayon.com.

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