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Breaking news: Pretax profits leap by 41% to £180m for tech giant Sage

Releasing its unaudited results for the six months ended 31 March 2017, Newcastle-headquartered tech leader Sage Group has reported a very strong set of financials for the first half of the latest financial year.

Revealing pretax profits of £180m this morning, the multinational enterprise software company has eclipsed the £128m it reported for the same period last year by a whopping 41%.

Sage’s revenue is also up on H1 16 with figures increasing from £684m last year to £840m, a 23% rise.

Sage has risen as a world leader in integrated accounting, people & payroll and payment & banking solutions. CEO Stephen Kelly spoke of his determination to keep the firm at the forefront of the industry via a new customer acquisition-based business plan.

Reflecting on the results, Mr Kelly explained: “These are positive results in line with market expectations and there are clear signs our strategy is working, with seven of our nine largest geographies, that collectively generate 95% of our revenues, now delivering growth in excess of our revenue guidance.

“The investments in our go-to-market functions are starting to bear fruit: our cloud-enabled products are growing strongly and we have made progress in our new customer acquisition strategy, driving momentum in Q2 that will continue throughout H2 and as we exit FY17.

“Our updated payments and banking strategy and the acquisition of Fairsail, show our commitment to the golden triangle of accounting, people & payroll and payments & banking, reinforced by our cloud capabilities.

“We are focused on Sage continuing to invest in growth, predominantly through new customer acquisition with cloud-products, and supported by bolt-on acquisitions that accelerate the strategy.”

Read Sage’s full results in detail here for more information.