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.
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.