22nd Jul 2015 06:29
LONDON (Alliance News) - The Sage Group PLC Wednesday reiterated its expectations for its current financial year, continuing to expect at least 6% organic revenue growth for the full year, as it saw organic revenue up 6.6% in its first nine months.
The business software company said in the third quarter to end-June it saw organic revenue growth of 7.5%. Sage said growth was flattered by a relatively weak comparative third quarter in the previous year.
Sage said that exchange rate headwinds continued to be a feature in its third quarter due to the strength of sterling against other currencies including the euro and Brazilian real.
"The business performance in the quarter showed continued momentum in recurring revenue growth and overall the performance was encouraging, with the revenue growth rates flattered by a weaker third quarter last year," said Chief Financial Officer Steve Hare in a statement.
"As we continue to transition the business towards higher-quality revenue growth, through Sage's Customer for Life strategy, we anticipate that some quarters will be stronger than others, and we are committed to sustainable, profitable growth generating consistent operating margins, yielding strong free cash flow and progressive dividends," Hare added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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