NEWCASTLE UPON TYNE (dpa-AFX) - Sage Group plc (SGE.L), a provider of accounting, financial, HR and payroll technology for small and mid-sized businesses, reported Thursday that total first-quarter revenue increased 10 percent to 540 million pounds from last year's 493 million pounds. Organic revenue growth was 9 percent.
In its trading update for the three months, the company said recurring revenue grew 12 percent from last year to 517 million pounds.
There was a 31 percent rise in Sage Business Cloud revenue, and software subscription revenue grew 18 percent.
Regionally, in North America recurring revenue increased 18 percent to 235 million pounds. In the UKIA region, recurring revenue grew by 12 percent and European recurring revenue increased 3 percent.
Jonathan Howell, Chief Financial Officer, said, 'Sage has made a strong start to the year, in line with our expectations, as Sage Business Cloud solutions help more customers improve their productivity and resilience. While we are mindful of the current macroeconomic environment, we remain confident in our strategy for delivering efficient growth and we reiterate our guidance for the full year, as set out in our FY22 results announcement.'
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