Sage results exceed analysts' expectations
Sage, the Newcastle-based accountancy software giant, has exceeded analysts' expectations with a 17% rise in first-half profits.
The announcement by the company, the UK’s leading accounting software manufacturer, that pre-tax profits had reached £87m for the six months to 31 March sent shares up by as much as 6%.
Sales were in line with expectations at approximately £332m, up 23% on the same period in the previous year. The increase was boosted by the acquisition of four software businesses in the six-month period.
In the UK sales grew by just 7% to £91m, compared to 23% and 21% in mainland Europe and North American respectively. Full results will be published on 11 May.
Sage remains the only technology company in the FTSE-100. Its shares currently stand at 171.5p.