Sage Group, a London-listed software company, has announced its first-quarter fiscal 2024 results, reporting a 10% increase in revenue. The total underlying group revenue for the three months ended December 31 was £573 million ($726.3 million), compared to £522 million in the same quarter the previous year.
Region-wise, Sage Group saw organic growth of 18% in North America, 7% in Europe, and 8% in the U.K., Ireland, Africa, and Asia-Pacific region.
During its annual results in November, Sage Group had guided for organic total revenue growth to be in line with the previous fiscal year, which saw a 10% growth to £2.18 billion. The company also expected upward trending operating margins for the year and beyond.
According to consensus estimates compiled by the company, organic total revenue growth for the full year is projected to be 9.6%, with an underlying operating profit margin of 21.7%.
Despite macroeconomic uncertainty, Chief Financial Officer Jonathan Howell expressed optimism about small and mid-sized businesses' continued digitalization. He highlighted Sage Group's position to support them through its trusted cloud solutions and innovative, AI-powered services.
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