Sage Group shot to the top of the FTSE 100 this morning as its cloud business bolsters full year results.
The London-listed company posted organic recurring revenue growth of nine per cent to £1.82bn, underpinned by Sage Business Cloud growth of 24 per cent.
Northern Europe (UK & Ireland) achieved organic recurring revenue growth of seven per cent to £419m and organic total revenue growth of six per cent to £425m.
Its cloud business penetration is now 90 per cent, up from 86 per cent in the prior year, while subscription penetration is 93 per cent, up from 90 per cent in the prior year.
Full-year organic profit climbed up eight per cent to £383m, with EBITDA up three per cent to £468m.
“While we are mindful of macroeconomic uncertainties, I am confident that our resilient business model together with our strategy for delivering efficient growth, centred on our expanding digital network, will enable us to create further long-term value for all our stakeholders,” said chief exec Steve Hare.
JP Morgan raised its price target on the stock following its results this morning.
Shares climbed as much six per cent in early morning trade.