Crayon Group reports 47% increase in third-quarter revenue
(OSLO, Norway) – Crayon Group Holding ASA (OSE: CRAYON), released its third-quarter earnings today, which showed the digital transformation expert’s revenue increased by 47% to NOK 3.7 billion for the quarter.
It’s Crayon’s 11th consecutive record-breaking quarter and it had a gross profit increase to NOK 496 million, which is 26% higher than the same period last year. In fact, strong growth and profitability were reported across all its business areas, led by the channel business, which posted a 40% year-over-year growth.
“I am pleased with our third-quarter results, especially considering these challenging times,” said CEO Torgrim Takle. “We have seen increased growth and profitability across all of our market clusters, largely because our core strategy helps businesses optimize for success regardless of the market conditions.”
Organizations are increasingly turning to more digital solutions due to the rapid expansion of a “remote everything” world.
“We continue to see companies investing in technology and cloud solutions to improve business resilience and digital capability,” Takle said.
Crayon’s third quarter featured many highlights. One significant milestone was that its market cap exceeded 1 billion USD, making Crayon one of the few Norwegian companies to accomplish this feat.
“We have a solid business growth strategy that is reflected in our rapid global expansion and success,” Takle said.
Another example of that growth is Crayon’s software division which this quarter grew on average nearly three times faster than the market across its global locations. In addition, the company secured many new customers.
“These new customers not only had a positive impact on our results but further confirmed the longer-term value creation potential of our key strategic priorities such as optimizing organizations’ IT spend, artificial intelligence, and machine learning solutions, as well as multicloud environments,” Takle said.
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Crayon helps customers build the commercial and technical foundation for a successful digital transformation journey through a reliable services framework allowing our customers to rightsize and optimize their IT estates to unlock technology’s potential and innovation. Headquartered in Oslo, Norway, Crayon has over 1600 employees across approximately 50 locations worldwide.