19th Jan 2023 08:53
(Alliance News) - Sage Group PLC on Thursday said it has made a strong start to its new financial year as it reported a double-digit percentage rise in revenue.
For the three months that ended December 31, the Newcastle-based business software company reported GBP540 million in revenue, up 10% from GBP493 million the previous year.
This was thanks to 31% revenue growth in its Sage Business Cloud division, it said, and despite a 29% decline in 'other' revenue.
Recurring revenue grew 12% to GBP517 million from GBP460 million, rising 18% in North America, 12% in UK, Ireland, Africa, Middle East & Asia Pacific and 3% in Europe.
As a result of the performance, which Sage said was in line with its expectations, the company reiterated its guidance for the full-year.
Sage highlighted that the weaker sterling against the US dollar and Euro lead to an exchange rate tailwind.
Sage shares were down 0.6% at 771.40 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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