Home Business NewsBusinessBusiness Growth News Sage share’s climb and underlying profit jumps

Sage share’s climb and underlying profit jumps

by LLB Finance Reporter
22nd Nov 23 12:09 pm

On Wednesday the software accountancy company, Sage saw their shares climb on Wednesday to 10.3% after posting strong profit and double digit revenue growth.

Sage announced in their full year trading update that underlying operating profits soared 18% and the margins rose by 20.9%.

The software accountancy company are expecting this to rise again in 2024 as Sage are concentrating on “efficiently scaling” up the business.

Sage cloud unit grew and underlying revenue jumped by 12% to £21 billion as SMEs are “continuing to “digitalise” their businesses.

“Sage remains one of the more straightforward investment cases in the sector,” Jefferies analysts said.

Sage chief executive, Steve Hare, said, “Small and mid-sized businesses are continuing to digitalise, despite the macroeconomic uncertainty.

“We are building a resilient platform to deliver sustained, efficient growth, and I am confident that Sage is well positioned to take advantage of the market opportunity in 2024 and beyond.”

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