Sage profits soar above £100m
Newcastle-based accounting software giant Sage will end the year on a high after announcing its results for the year, including a pre-tax profit rise of 46% to £108.7m.
The unaudited results for the year ended 30 September 2000 also showed its turnover had increased 34% to £412.2m, and support contracts had shot up from 131,000 over 12 months to 779,000.
Surprisingly however, software sales for the second half of the year were slower than for the first half, due to what the Sage describes as the ‘strong Y2K effect’, due to firms upgrading their systems to cope with the millennium bug threat.
For the full year, software sales were up 20% on the previous year.