Sage, the accounting Software Group, announced annual revenues were up 7% for the year to £1.295bn.

Pre-tax profits also rose, up 3% to £273.4m. The figures are for the year ending 30 September 2008.

However, the figures reveal that growth rates have slowed significantly. 2007 saw revenues grow 30%, year on year, while pre-tax profits climbed by 14%.

The company said the 2008 performance in the UK was good ‘despite challenging market conditions.’

Paul Walker, chief executive, was clearly bouyed by the results: ‘The strength and flexibility of our business model has helped us achieve solid results in difficult market conditions. As markets weakened in the UK and North America, we were rapidly able to adapt to the changing markets and proactively refocus our businesses in these regions,’ he said.

2008 saw Sage make three significant acquisitions including Eurowin and DCS in Spain plus Tekton in the UK. 2007 saw five acquisitions.

To read the full results click here