UK software firm Sage Group reports 21% rise in profit

LONDON :Britain’s Sage Group reported a better-than-expected 21 per cent rise in full-year operating profit to 529 million pounds ($672 million) driven by a 220 basis points margin increase, and said it expected continued margin progress this year.
The company, whose accountancy software is used by millions of small businesses, on Wednesday reported a 9 per cent rise in revenue to 2.3 billion pounds for the year to end-September.
Chief Executive Steve Hare said Sage had achieved “strong, broad-based revenue growth together with significantly higher profits and cash flows”.
Sage announced a 6 per cent increase in its full-year dividend and a 400 million pound share buyback, which it said reflected its strong cash generation and confidence in its prospects.
It said it expected its organic revenue this year to increase by 9 per cent or above.
($1 = 0.7872 pounds)