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Sage ups dividend as first-half profit rises 39%

By BFN News | 07:23 AM | Wednesday 13 May, 2020

Software company Sage booked a 39% rise in first-half profit, driven by a modest rise in revenue and one-off gain from the sale of its payments and Brazilian businesses. Pre-tax profit for the six months through March increased to £275m, up from £198m on-year. Revenue rose 1.9% to £975m and underlying operating profit rose 0.9% to £218m. Sage declared an interim dividend of 5.93p, up 2.5% on-year. The company said it was too early to quantify with confidence the impact of the Covid-19 pandemic on its financial performance for the full year. It reiterated that it still expected organic recurring revenue growth would be below its previously guided range of 8%-to-9%. A decline in other revenue -- SSRS and processing -- would accelerate significantly in the second half, with an associated impact on margin. 'Sage has had a strong first half, sustaining last year's growth momentum as we continue to focus on recurring revenue growth, and making good progress in strategic execution,' chief executive Steve Hare said. Story provided by

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