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Sage reports high single-digit organic growth

By BFN News | 08:40 AM | Thursday 17 January, 2019

Software firm Sage reported a 7.6% increase in organic revenue to £465m for the first three months of its financial year. The company also highlighted a 10.5% increase in recurring revenue to £387m, underpinned by software subscription growth of 2.7% to £237m. Steve Hare, chief executive officer, commented: 'We have been encouraged by the strong start to FY19, reflecting the renewed focus on high-quality subscription and recurring revenue as we continue the journey to becoming a great SaaS business. Looking ahead we reiterate our full year guidance for FY19 as outlined at the FY18 results announcement.' The company says it expects a boost from currency movements and reports year-end net debt of £602m against £668m at the end of September 2018. At 8:40am: (LON:SGE) Sage Group The PLC share price was +34.9p at 627.9p Story provided by

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