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Sage achieves 10% profit growth in FY23

Sage has achieved a notable 10% increase in total revenue, reaching £2.18bn, with a 12% jump in recurring revenue contributing to this growth. 

Operating profit rose 18% to £456m, and the operating margin improved by 140 basis points to 20.9%. 

The company's cash conversion of 116% of underlying operating profit.

Regionally, revenue in the UK & Ireland grew by 9% to £627m, while Europe saw a 5% increase to £584 million. 

Demonstrating confidence in its financial health, Sage announced a share buyback programme of up to £350m and increased its full-year dividend by 5% to 19.3p per share.

CEO Steve Hare said: "Sage performed well in FY23, delivering double-digit revenue growth, increased profitability and strong cash flows. We sustained good momentum throughout the year in all regions, driven by consistent strategic execution.

“We are building a 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.”