Tech & Trends
Sage ‘building momentum’ as international demand fuels revenues
July 27, 2023
A North East-founded international software firm says it is continuing to “build strong momentum” as more customers harness its technology.
Sage Group saw recurring revenue rise 12 per cent to £1.56 billion in the nine months to June 30, with total revenue up ten per cent to £1.6 billion.
The increases, revealed in a trading update today (Thursday, July 27), follow higher client demand across its product suite, with software subscription revenue up 17 per cent on a year ago to £1.28 billion.
The clamour was reflected across Sage’s principal trading regions, with the Cobalt Business Park-based operator seeing recurring revenue grow 16 per cent to £702 million in North America, on the back of a strong performance from its Sage Intacct accounting system.
In the UK, Africa and Asia Pacific area, recurring revenue was up 11 per cent to £456 million, with Intacct and the Sage 50 accounting platform – which is aimed primarily at smaller businesses – leading growth.
The figure was seven per cent better off at £404 million in Europe.
Jonathan Howell, chief financial officer, said: “Sage has performed strongly throughout the first nine months, as we help small and mid-sized businesses become more productive and resilient.
“We continue to build strong momentum, driving the delivery of sustainable, efficient growth.”
A provider of preconstruction and project management software to contractors, construction managers and homebuilders, officials said at the time it would “expand relationships with customers beyond financials.”