Sage reports 12% rise in profits
Sage has announced a pre-tax operating profit of £64.6m, a 12.2% increase on the previous year's figure of £57.6m.
Turnover at the Newcastle-based accounting software giant increased to £560.3m, an increase of 3.8% on the previous year’s total of £539.8m.
However when fluctuations in exchange rates are taken into account, group turnover was restated at just 2% growth, and operating profit increased by 9%.
Sage chairman Michael Jackson was pleased with the results: ‘We have continued to deliver good earnings growth in difficult market and economic conditions.’
Jackson also commented on the completion of a number of acquisitions, including software companies Timberline and Grupo SP, which he said should have a positive effect on Sage’s figures in 2004.
The software company’s proposed dividend for the year has risen 10% to 1.65p.