BusinessCompany NewsSage profits up despite tough conditions

Sage profits up despite tough conditions

Accountancy software business Sage has announced a 12% increase in profits before tax for the year ended 30 September 2003.

Link: Sage buys US software group

Pre-tax profit for the Tyneside-based company was £151m on turnover of £560m, itself an increase of 4%. However most of this growth was achieved through acquisitions as market conditions around Europe remained challenging, according to the group.

In the UK sales grew 3% to £161m, margins improved 3% to 40% and operating profit rose 12% to £65m.

The story in the US was slightly better, with operating profit up 17% to around £61m.

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