SOFTWARE GIANT SAGE is starting to recover from the effects of the downturn according to its first half results.
Unaudited accounts show organic growth, debt reduction, pre-tax profit and revenue increases.
Guy Berruyer, (pictured) CEO, said: “We delivered good revenue growth and strong cash flows in the first half. I am pleased that our North American business has returned to growth in the period.
“With growth returning to the business, a large and loyal international customer base, and a strong balance sheet, I am confident that Sage is well positioned to capitalise on its many growth opportunities, and look forward to continued progress in the second half of the year.”
Organic growth at the FTSE 100 business grew 4% for the first half of the year, and net debt fell to £106m at 31 March, from £219m at 30 September 2010.
The strongest growth was in the Africa, Australia, Middle-East and Asia regions. Pre-tax profit increased 5% to £167m compared to £159m for the first half of 2010.
Revenue stood at £742m for H1 this year compared to £718m in H1 2010.
Accountancy Age revealed earlier this year Sage was delaying the release of its upgrade, which includes a tax technology required for all corporation tax submissions – iXBRL.
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