By Joe Hoppe
Sage Group PLC said Thursday that business in the first quarter of fiscal 2021 was in line with its expectations and backed its guidance for the full financial year.
The software company said organic total revenue grew 1.4% to 447 million pounds ($610.3 million) for the three months ended Dec. 31 from GBP441 million a year prior. Revenue from Sage Group Poland and Sage's businesses in Asia and Australia was excluded as they are being held for sale.
The FTSE 100-listed company said recurring revenue rose to GBP408 million from GBP390 million for the same period a year earlier.
In North America, recurring revenue grew to GBP160 million from GBP150 million, driven by a good performance from the Sage Intacct division.
Northern Europe also continued to develop, with recurring revenue growing to GBP96 million from GBP93 million, Sage said. All other regions performed in line with expectations.
"While the pandemic increases uncertainty in the near term, we continue to expect that our investment in Sage Business Cloud will drive the growth and long-term success of Sage," Chief Financial Officer Jonathan Howell said.
The company reiterated its guidance for fiscal 2021.
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