By Scott Kanowsky
Investing.com -- Sage Group PLC (LON: SGE ) reported a jump in top-line growth in its first quarter, as Britain's largest listed tech company was boosted by solid demand for its range of accountancy and payroll products.
Recurring revenue during the three months to December 31 came in at £517 million, a rise of 12% compared to the same period last year. This constituted the bulk of Newcastle-based Sage's total revenue of £540M over the period, itself an increase of 10% year-on-year.
Underpinning this uptick was Sage Business Cloud, the company's suite of cloud-based bookkeeping software designed for small- to medium-sized businesses, which saw revenue grow by nearly a third to £390M.
In a statement, chief financial officer Jonathan Howell said first quarter trading had met the firm's expectations. He also reiterated Sage's full-year guidance for organic recurring revenue growth above 2022 levels and a "trend upwards" in operating margins, but flagged that risks remain in the "current macroeconomic environment."
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.