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Sage Q3 revenues up 9pc, reiterates FY guidance
(Sharecast News) - Enterprise software group Sage said on Wednesday that total revenues had grown in Q3 and reiterated its FY guidance despite ongoing macroeconomic uncertainty. Sage said Q3 total revenues were up 9% at £1.86bn, driven by continuing growth across the Sage Business Cloud portfolio, with North American revenue up 11% at £846m, while UKIA and European revenues grew 9% to £539m and 6% to £477m, respectively.
The FTSE 100-listed firm said Sage Business Cloud revenue increased by 13% to £1.53bn, driven by "balanced growth" from both new and existing customers, including cloud native revenue growth of 22% to £645m.
Sage also noted that recurring revenue grew by 10% to £1.8bn, reflecting continued momentum in annualised recurring revenues, while software subscription revenues were up 11% at £1.54bn.
Chief financial officer Jonathan Howell said: "Sage has performed well in the first nine months of the year, in line with our expectations, delivering good levels of growth despite ongoing macroeconomic uncertainty. Accordingly, we reiterate our guidance for the full year, as set out in our half year results announcement."
Reporting by Iain Gilbert at Sharecast.com
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