Technology giant Sage says wider problems in the economy have not stopped it recording significant growth in both revenues and profits.
Half-year results for the Tyneside-based firm have seen revenues rise 6% to £1.15bn. Operating profit increased 38% to stand at £215m.
Sage says it expects its growth to continue for the rest of the year and said performance had been strong across all regions, and balanced between new and existing customers. Performance was particularly strong in the US, and in the Africa and Asia-Pacific regions. The company has announced an improved interim dividend for shareholders.
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Chief executive officer Steve Hare said: “Sage performed well in the first half of the year, delivering broad-based revenue growth and significant margin expansion. Demand for our solutions remains robust, with small and mid-sized businesses continuing to trust Sage to automate their accounting, HR and payroll workflows.
“We are resolutely focused on innovation, as both a source of near-term competitive advantage and a foundation for our long-term success. We continue to introduce new AI-powered products and services that deliver enhanced productivity and insights, driving value for both existing and new customers.
“As we look forward, despite the ongoing macroeconomic uncertainty, I am confident that Sage’s proven strategy, underpinned by continued investment, will enable us to deliver further efficient growth.”
In the results, which cover the period for the six months to the end of March, Sage said it was making strong strategic progress in offering more cloud-based services to businesses. It also highlighted the recent launch of Sage Copilot, an AI-powered digital assistant for business owners.
