Sage Group PLC Trading update for the 3 months ended 31 Dec 2023 (0741A)
18 Enero 2024 - 1:00AM
UK Regulatory
TIDMSGE
RNS Number : 0741A
Sage Group PLC
18 January 2024
The Sage Group plc
Trading update for the three months ended 31 December 2023
The Sage Group plc (FTSE: SGE), a leader in accounting,
financial, HR and payroll technology for small and mid-sized
businesses, today issues a trading update for the three months
ended 31 December 2023[1].
Jonathan Howell, Chief Financial Officer, commented:
"Sage has delivered a strong first quarter, sustaining good
momentum and growing in line with our plan for the year. Small and
mid-sized businesses are continuing to digitalise despite the
ongoing macroeconomic uncertainty, and through our trusted cloud
solutions and innovative, AI-powered services we are well
positioned to support them. We reiterate our guidance for the full
year, as set out in our FY23 results announcement, as we continue
to focus on delivering efficient growth."
Organic
Underlying Revenue Performance[2] Q1 24 Q1 23 % Growth % Growth
---------
Total Revenue GBP573m GBP522m +10% +10%
of which Sage Business Cloud GBP454m GBP384m +18% +18%
Total Revenue by Region
North America GBP259m GBP229m +13% +13%
UKIA[3] GBP162m GBP151m +8% +8%
Europe GBP152m GBP142m +7% +7%
Sage grew total revenue by 10% to GBP573m. Regionally, revenue
in North America increased by 13% to GBP259m, with a good
performance from Sage Intacct together with continuing growth in
Sage 50 cloud and Sage 200 cloud. In the UKIA region, revenue grew
by 8% to GBP162m, driven by further success in cloud native
solutions (including Sage Intacct, Sage Accounting and Sage
Payroll), alongside growth in Sage 50 cloud. In Europe, revenue
increased by 7% to GBP152m, with a strong performance particularly
in cloud connected solutions.
Sage Business Cloud revenue increased by 18% to GBP454m, driven
by growth in cloud native revenue of 25% to GBP174m (Q1 23:
GBP140m) primarily through new customer acquisition, and by growth
in cloud connected revenue from both existing and new
customers.
Recurring revenue increased by 11% to GBP554m (Q1 23: GBP500m),
with software subscription revenue growth of 14% to GBP466m (Q1 23:
GBP409m) resulting in subscription penetration of 81% (Q1 23:
78%).
Foreign exchange
Sterling has strengthened against the US Dollar and other
international currencies compared with the prior period, leading to
an exchange rate headwind.
Analyst and investor conference call
Jonathan Howell will host a webcast and conference call today at
8.30am UK time. The webcast can be accessed via the following link:
https://edge.media-server.com/mmc/p/zfks4vf3 . To join the
conference call, please register via:
https://register.vevent.com/register/BIc9e9e7ddbd14484d84aaa0b9fae07ae6
.
Enquiries
Sage +44 (0) 77721 599502
Jonathan Howell, Chief Financial Officer
James Sandford, Investor Relations
David Ginivan, Corporate PR
FGS Global +44 (0) 20 7251 3801
Conor McClafferty
Sophia Johnston
About Sage
Sage exists to knock down barriers so everyone can thrive,
starting with the millions of small and mid-sized businesses (SMBs)
served by us, our partners and accountants. Customers trust our
finance, HR and payroll software to make work and money flow. By
digitising business processes and relationships with customers,
suppliers, employees, banks and governments, our digital network
connects SMBs, removing friction and delivering insights. Knocking
down barriers also means we use our time, technology and experience
to tackle digital inequality, economic inequality and the climate
crisis.
[1] In line with Sage's reporting changes announced on 7
December 2023, revenue by region, as well as Sage Business Cloud
and cloud native revenue, is now reported as total rather than
recurring revenue. All figures are reported on an underlying basis
unless otherwise stated.
[2] Underlying and organic results are presented on a constant
currency basis, while organic growth also excludes the impact of
M&A. Underlying and organic measures are defined on pages
269-270 of Sage's FY23 Annual Report.
[3] United Kingdom, Ireland, Africa and APAC.
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