NEWCASTLE UPON TYNE (dpa-AFX) - Sage Group Plc (SGE.L), an accounting, financial, HR and payroll technology company, reported Thursday that its first-quarter total revenue grew 10 percent to 573 million pounds from last year's 522 million pounds.
Sage Business Cloud revenue increased 18 percent to 454 million pounds from 384 million pounds a year ago, driven by growth in cloud native revenue of 25 percent.
Recurring revenue grew 11 percent to 554 million pounds, with software subscription revenue growth of 14 percent resulting in subscription penetration of 81 percent, compared to 78 percent last year.
Regionally, revenue in North America increased 13 percent to 259 million pounds. In the UKIA region, revenue grew 8 percent to 162 million pounds, and in Europe, revenue increased 7 percent to 152 million pounds.
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