Sage Group has today announced that quarterly business was in line with expectations as recurring revenue surpassed £400m.
Recurring revenue increased by 4.7 per cent to £408m, supported by software subscription growth of 11.3 per cent to £303m.
The software company’s total group revenue rose by 1.4 per cent to £447m, reflecting its successful strategic execution.
Sage is the global market leader for technology that provides small and medium businesses with the visibility and efficiency to manage finances, operations and people.
North America achieved recurring revenue growth of 6.4 per cent to £160m, while Northern Europe increased by 3.3 per cent to £96m.
Jonathan Howell, Chief Financial Officer, said: “We have continued to deliver against our strategy in the first quarter, growing recurring revenue in line with our plan for the year, supported by good demand for Sage Business Cloud solutions.
“While the pandemic increases uncertainty in the near term, we continue to expect that our investment in Sage Business Cloud will drive the growth and long-term success of Sage.”