Crayon has smashed its fourth-quarter results with a whopping 27 per cent growth in gross profit and a staggering £160 million in cash flow.
The tech firm’s boss, Melissa Mulholland, said the figures show the huge demand for software and cloud services and vowed to keep boosting the company’s efficiency and profitability.
She said: “With the rise in cloud spending and demand for AI, we are in a prime position to grab the market by the horns.”
Crayon revealed its impressive performance in the first half of 2023, with a massive 23 per cent growth in gross profit, reaching over £110 million.
The company’s software and cloud business was the show’s star, growing by 30 per cent, followed by its consulting and cloud economics businesses, growing by 29 and 28 per cent, respectively.
Europe was the hottest market for Crayon in the second quarter, with 50 per cent growth in gross profit, followed by the US with a solid 31 per cent.
In the first quarter, Crayon saw a huge 31 per cent growth in gross profit, driven by the soaring demand for software and cloud services.
The company’s adjusted EBITDA soared by 50 per cent to £13.5 million, with a margin of 14.7 per cent, an improvement of 1.9 bps compared to the previous year.
The company’s operating profit also rose to £4 million from £ 3.4 million in the same quarter the year before.
Crayon’s UK spokesman said the company has two main goals for 2024: to help customers save money and control their costs and to lead the way in AI innovation.
“As a global business, we will capitalise on our market opportunity. We optimise and innovate for our customers. Those two things are our top priorities. From a cost optimisation point of view, our services are based on software asset management. We have evolved that to cloud services that deliver FinOps to our customers today, and we see a huge market demand for that.”
