Crayon Reports Year-Over-Year Growth of 49 Percent in Q1
OSLO -- The global IT consulting firm Crayon Group Holding ASA announced today that its first-quarter, year-over-year organic revenues have grown by 49 percent compared to the same quarter last year.
Crayon also reported a gross profit growth of 28 percent to NOK 395 million, up from NOK 310 million in the first quarter of 2018.
This is the fifth consecutive quarter of strong revenue and gross profit growth across all business areas and market clusters for the Oslo-based company that helps clients navigate their digital transformation journey.
“We are pleased that our impressive growth continues and believe it’s partly due to new opportunities in the market and partly due to our commitment of always putting the customer first. Our strategy has been to optimize the customer's return on complex IT investments and that has proven to be a good one,” says Torgrim Takle, CEO of Crayon.
With the increasingly complex IT landscapes, Crayon sees the growing need for its expertise in the marketplace.
In the first quarter of this year, Crayon had a strong underlying spending and demand growth across customer segments. Also in nearly all 25 markets around the world in which Crayon is present, the company experienced strong business fundamentals across all sectors.
However it was in the Nordics that Crayon saw a particularly strong gross profit growth with NOK 44 million. This successful quarter was also buoyed by an expansion of its customer portfolio through a combination of new services, vendors and business combinations.
Crayon has the world’s largest independent cloud practice and that deep expertise has solidified its early foothold in emerging technologies. It has established Artificial Intelligence Centers of Excellence around the world with plans to open more.
“There is no doubt that this is a competitive market and we are now investing heavily in AI technology as we find this to be a strong need for our customers in the future. The development in our service offerings is closely linked to the changes in the market, and we see that more and more customers are in need of advanced solutions. We are well-equipped to help with this,” says Takle.
The full report on our first quarter can be found here.
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