NEWCASTLE UPON TYNE (dpa-AFX) - Sage Group Plc (SGE.L), an accounting, financial, HR and payroll technology company, reported Wednesday that its first-half profit before tax fell 27 percent to 139 million pounds from last year's 189 million pounds.
Basic earnings per share declined 34 percent to 9.78 pence from 14.84 pence last year.
Underlying profit before tax was 210 million pounds, compared to 185 million a year ago. Underlying basic earnings per share were 15.68 pence, compared to 13.83 pence in the prior year.
EBITDA grew 13 percent from last year to 275 million pounds. EBITDA margin increased 60 basis points to 25.2 percent.
Revenue increased 16 percent to 1.09 billion pounds from prior year's 934 million pounds.
Annualised Recurring Revenue increased 12 percent to 2.10 billion euros. Underlying total revenue increased 10 percent, and underlying Recurring Revenue grew 12 percent.
Further, the company announced interim dividend growth of 4 percent to 6.55p, in line with its progressive policy.
Looking ahead for fiscal 2023, Sage Group now expects organic recurring revenue growth to be in the region of 11 percent, driven by continued strength in Sage Business Cloud.
The firm continues to expect other revenue to decline, in line with strategy. Operating margins are expected to trend upwards in the full year and beyond.
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