Wednesday 3 December 2014 2:19 am

Sage profits soar as Stephen Kelly takes the reins as CEO

Software company Sage Group has reported a 69 per cent rise in pre-tax profit to £278m.

Operating profit was also up a whopping 65 per cent to £298m for the year ended 30 September.

The FTSE 100 company grew software subscription revenues 28 per cent.

Stephen Kelly, the company's new chief executive, said:

Our financial performance demonstrates the strength of Sage's global business and the quality of relationships it has with millions of SME customers worldwide.

Looking ahead, I believe that Sage, as a trusted partner to our customers, can be even more instrumental in supporting the success of SMEs around the world.

Kelly took on the reins from Guy Berruyer on 5 November 2014.

He starts on a basic annual salary of £790,000 and he is also part of the company's annual bonus and performance share plan. On top of this Kelly received a one-off performance share plan (PSP) award of £987,500 with a six-year vesting period against "demanding" share return performance conditions.

Prior to the appointment, Kelly was operations chief and head of efficiency for the UK government where he worked to cut red tape and improve the government’s contacts with IT suppliers.