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Sage profits rise in full-year results boosted by cloud computing

By BFN News | 08:12 AM | Friday 20 November, 2020

Software company Sage Group reported an 8.5% increase in organic recurring revenue over the 12 months to 30 September 2020. Excluding assets held for sale, the company's revenue was £1.59 billion for the latest financial year, up from £1.47 billion for 2019. On statutory measures, revenue fell by 1.7% year on year, but operating profit rose by 5.8% to £404 million and earnings per share increased by 15.9%. Sage was boosted by a focus on attracting new business for its cloud computing offering, the company said, as well as transitioning clients to a subscription model. The company has increased its dividend by 2% to 17.25p per share. Sage Group CEO Steve Hare said: 'We've delivered a strong performance in FY20, achieving recurring revenue growth in line with the guidance we gave at the beginning of the year, despite the COVID-19 pandemic... 'We've also made good strategic progress, delivering against our customer, colleague and innovation commitments. 'While the near term remains uncertain, these foundations position us well to support customers as they adopt digital business models, and I am confident that our additional investment in Sage Business Cloud, and in particular cloud native solutions, will deliver stronger growth and drive the future success of the group.' At 8:12am: (LON:SGE) Sage Group PLC share price was 0p at 676p Story provided by

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