LONDON (ShareCast) - (Sharecast News) - Corporate software group Sage said it has made a strong start its new financial year with revenues rising by a tenth in the first quarter, as all regions delivered solid growth.
Revenues totalled £612m in the three months to 31 December, up from £558m a year earlier, with Sage Business Cloud revenues up 13% at £502m. Within the cloud division, cloud-native revenues grew by 22% to £208m.

Revenues in North America, Sage's largest region, were up 11% at £279m; revenues in the combined UK, Ireland, Asia, Australia and Africa (UKIA) division were 9% higher at £176m; while European revenues rose 8% to £157m.

On an organic basis, which excludes the impact of M&A, group revenues were up 9% on last year.

"Sage has made a strong start to the year, achieving broad-based revenue growth in line with expectations, despite the ongoing macroeconomic uncertainty," said chief financial officer Jonathan Howell.

"We reiterate our guidance for the full year, as set out in our FY24 results announcement, as we continue to focus on efficiently scaling the group."

In November, the company said it expects organic revenue growth for the full year ending 30 September to be "9% or above".

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