Newcastle software giant Sage has reported revenue of £540m for the first three months of its current financial year.
Sage’s latest report to the London Stock Exchange said that recurring revenue increased by 12 per cent to £517m in its first quarter, while underlying group revenue grew 10 per cent on the same period the year before.
The firm’s key North American market reported a recurring revenue increase of 18 per cent to £235m, while the the UK, Ireland and Africa market saw growth of 12 per cent to £151m. European recurring revenue was up three per per cent to £131m, which was affected by the sale of Sage’s Swiss business.
The Future Sage Business Cloud portfolio grew by 14 per cent to £479m.
CFO Jonathan Howell 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.”
Sage posted results for its 2022 financial year in November, with revenue reaching £1.9bn. This followed the acquisitions of UK ecommerce specialist Brightpearl and cashflow management firm Futrli and US-based accounting software outfit Lockstep.
