NEWCASTLE UPON TYNE (dpa-AFX) - Sage Group Plc. (SGE.L) said that it has cancelled the 250 million pounds share buy-back programme, which was suspended on 18 March 2020 after 6 million pounds of shares purchased.
The company noted that it is too early to quantify with confidence the impact on Sage's financial performance for the full financial year to 30 September. However the company now believes it is likely that organic recurring revenue growth will be below the previously guided range of 8% to 9%, and that the decline in other revenue will accelerate significantly in the second half, with some associated impact on margin.
Growth in organic recurring revenue for the six months to 31 March 2020 was ahead of full year guidance. Other revenue declined in line with the Group's strategy, although the decrease accelerated towards the end of March as a result of COVID-19 impacting licence sales and professional services implementations.
The company plans to publish its interim results on Wednesday 13 May 2020.
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