Software giant Sage says growth across the first three months of its 2023 financial year was in line with its expectations.
The Tyneside-based plc told the London Stock Exchange that recurring revenue increased by 12% to £517m in the first quarter, underpinned by a strong performance in its cloud business. Sage said total underlying group revenue grew 10% on the same period the year before, to £540m.
In North America - the firm's largest market - recurring revenue increased 18% to £235m and in the UK, Ireland and Africa market recurring grew 12% to £151m. Meanwhile in Europe, recurring revenue increased by 3% to £131m as growth in cloud sales was partly offset by the sale of Sage's Swiss business.
