Crayon Group Holding ASA (OSE: CRAYN) today reported its first-quarter results with a Gross Profit growth of 17% and Adjusted EBITDA atNOK 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 CEOMelissa 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 ProfitNOK 1 474m Up 17% Adjusted EBITDANOK 203 m Up 10% Cash flow from OperationsNOK 97m Up 28% Adjusted EBITDA ended atNOK 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 atNOK 97m .Net Working Capital ended atNOK -1.1bn , an improvement ofNOK 867m compared to the same quarter previous year. Crayon continues to implement measures to strengthen working capital. The financial report and presentation for Q1 2024 are enclosed and available at https://www.crayon.com/investor-relations/ CEOMelissa Mulholland and CFO Brede Huser will present the results in a live webcast at8:30 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. Investor contact:Kjell Arne Hansen Head of Investor Relations and Corporate Finance ir@crayon.com +47 950 40 372 About Crayon: Crayon is a customer-centric innovation and IT services company with over 4,000 team members across 46 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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