Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Sage Group PLC on Thursday said it had delivered a strong first quarter amid a boost in sales in the three months to December 31.
The Newcastle upon Tyne, England-based enterprise software company said in the first three months of the financial year ending September 30, total revenue rose 10% to £573 million from £522 million the year before.
Regionally, revenue in North America increased by 13% to £259 million year-on-year, and by 8% in the United Kingdom, Ireland and Africa regions to £162 million. In Europe, revenue increased by 7% to £152 million from the corresponding quarter a year ago. This was driven by a strong performance in cloud connected solutions, the firm said.
Sage added that its Business Cloud division revenue jumped 18% to £454 million.
Recurring revenue increased surged 11% to £554 million, from £500 million in the first quarter of financial 2023.
Sage Chief Financial Officer Jonathan Howell commented: ‘Sage has delivered a strong first quarter, sustaining good momentum and growing in line with our plan for the year. Small and mid-sized businesses are continuing to digitalise despite the ongoing macroeconomic uncertainty, and through our trusted cloud solutions and innovative, AI-powered services we are well positioned to support them. We reiterate our guidance for the full year, as set out in our [financial 2023] results announcement, as we continue to focus on delivering efficient growth.’
Shares in Sage fell 2.5% to 1,126.50 pence each in London on Thursday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.