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Sage Group Q1 Revenue Rises; Backs FY Outlook

Technology company Sage Group Plc (SGE.L) reported Wednesday that its total first-quarter Group revenue increased 6.7 percent to 465 million pounds from last year's 435 million pounds.

Group recurring revenue grew 10.7 percent to 410 million pounds from 370 million pounds a year ago. Software subscription growth was 24.8 percent to 286 million pounds.

Other revenue fell 15.8 percent to 55 million pounds.

The company noted that recurring revenue growth was driven principally by North America and Northern Europe (UK & Ireland), with strong momentum from FY19 carried forward into the first quarter.

In North America, recurring revenue grew 11.8 percent, driven by cloud connected solutions and a good performance from Sage Intacct. Northern Europe's recurring revenue growth was 15.1 percent.

Jonathan Howell, Chief Financial Officer, said, " Looking ahead, we reiterate our guidance for the full year, as outlined in the FY19 results announcement."

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