(Alliance News) - Sage Group PLC on Wednesday said revenue was up in the first half, as it targets further revenue growth for the full-year.
The Newcastle-upon-Tyne, England-based business software reported revenue for the first half ended March 31 of GBP1.09 billion, up 16% from GBP934 million the year prior.
The firm noted revenue growth in the period was boosted by 29% growth in the Sage Business Cloud.
Pretax profit was GBP139 million, down 26% compared to GBP189 million a year ago. Sage noted a GBP71 million hit to profit, predominantly from adjustments relating to restructuring, and mergers and acquisitions.
The company declared a dividend of 6.55 pence per share, up 4.0% from 6.30p per share.
Looking ahead, the company said it expects to post organic revenue growth of 11% in financial 2023, driven by the strength of Sage Business Cloud.
Chief Executive Steve Hare said: "Sage performed strongly in the first half, accelerating revenue growth, increasing profitability and making further progress against our strategic priorities. Our investments in technology and in sales and marketing are continuing to drive results, as small and mid-sized businesses increasingly choose Sage as a valued partner to transform the way they work.
"Our purpose is to knock down barriers so everyone can thrive. We are committed to delivering innovative, AI-powered services that make our customers' lives easier and their organisations more productive and resilient. Sage's global platform, centred on our expanding digital network, is enabling us to leverage our scale and collective expertise to maximise the significant opportunities we see across our markets."
Sage shares rose 3.6% to 851.20 pence each in London on Wednesday morning, making the stock the top performer in the FTSE 100.
By Harvey Dorset, Alliance News reporter
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Sage Group (SGE)