Sage Group H1 Organic Operating Profit Rises; Organic Recurring Revenue Up 8%

Sage Group Plc (SGE.L) said it achieved a strong first half performance, in line with expectations. Organic operating profit increased by 4% to 184 million pounds, for the period. Organic total revenue increased by 5% to 924 million pounds. Organic recurring revenue was up 8% to 866 million pounds, driven by Sage Business Cloud growth of 21%.

Looking forward, Sage said its outlook remains unchanged. The Group continues to expect organic recurring revenue growth in the region of 8% to 9% in fiscal 2022.

First-half underlying operating profit was 183 million pounds, down 3%. Underlying earnings per share was 12.49 pence compared to 12.05 pence.

Statutory pretax profit was 189 million pounds compared to 190 million pounds, last year. Earnings per share increased to 14.68 pence from 13.19 pence. Revenue declined to 934 million pounds from 937 million pounds, last year.

The Group has increased the interim dividend by 4% to 6.3 pence. Going forwards, Sage will adopt a progressive dividend policy. The Group said it considers returning surplus capital to shareholders.

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