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(Sharecast News) - Software group Sage said on Tuesday that it had "performed strongly" in the first nine months of the year, with momentum continuing to build and full-year revenues seen at the top end of its guidance range.
Sage stated total year-to-date organic revenues were up 6% to £1.41bn, with recurring revenues growing 9% so far in 2022 to £1.33bn and other revenues slipping 25% to £82.0m. In the third quarter, recurring revenues grew 10% to £464.0m, with growth accelerating as the year progressed, supported by the firm's continued investment in sales, marketing, and innovation.
Regionally, North America achieved recurring revenue growth of 13% to £557.0m in the quarter, driven by a "strong performance" from its Sage Intacct offering, alongside growth in cloud-connected products. In Northern Europe, recurring revenue grew by 7% to £311.0m and in its international division, recurring revenue increased 5% to £462.0m.
Sage added that following its strong performance in the third quarter, it now expects organic recurring revenue growth for the full year to be towards the top end of its guidance range of 8% to 9%.
Chief financial officer Jonathan Howell said: "Sage has performed strongly in the first nine months of the year, with momentum continuing to build, as more businesses choose Sage Business Cloud solutions to support their digital transformation.
"As a result, we now expect organic recurring revenue growth for FY22 to be towards the top end of our guidance range of 8% to 9%. While we are mindful of broader macroeconomic trends, I am confident that continued delivery against our strategic priorities will ensure Sage remains well-positioned for the future."
Reporting by Iain Gilbert at Sharecast.com
