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Sage Group H1 Profit Up, Backs FY19 Outlook; Names John Bates Non-exe. Director

Technology company Sage Group Plc (SGE.L) reported Friday that its first-half profit before tax was 198 million pounds, up 16 percent from 171 million pounds a year ago.

Basic earnings per share grew 14 percent to 14.19 pence from 12.50 pence last year.

Underlying profit before tax was 205 million pounds, compared to 208 million pounds a year ago. Underlying earnings per share were 13.93 pence, compared to prior year's 14.24 pence.

Revenue for the period increased 6.4 percent to 957 million pounds from 899 million pounds in the prior year.

Further, the company announced an increase in interim dividend of 2.5 percent to 5.79 pence.

Looking ahead, the company said its full year outlook shows continuing confidence in recurring revenue growth in the remainder of fiscal 2019.

The company expects fiscal 2019 organic recurring revenue growth to be at the top end or slightly exceed the guided range of between 8-9 percent.

Overall, expectations for full year total revenue remain unchanged and the Group maintains its organic operating profit margin guidance of 23-25 percent.

Separately, Sage Group announced the appointment of John Bates to its Board as a non-executive director with effect from May 31. Bates is currently CEO of Eggplant, which specialises in AI-powered software test automation.

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