NEWCASTLE UPON TYNE (dpa-AFX) - The Sage Group plc (SGE.L) issued its trading update for the three months ended 31 December 2020. Total Group revenue increased by 1.4% to 447 million pounds. Recurring revenue increased by 4.7% to 408 million pounds, supported by software subscription growth of 11.3% to 303 million pounds.
The Group said its balance sheet as at 31 December 2020 remains strong, with cash and available liquidity of 1.2 billion pounds, and net debt of 129 million pounds.
Jonathan Howell, Chief Financial Officer, said: 'We have continued to deliver against our strategy in the first quarter, growing recurring revenue in line with our plan for the year, supported by good demand for Sage Business Cloud solutions. Accordingly, we reiterate our guidance for the full year, as set out in our fiscal 2020 results announcement.'
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