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Sage reports channel growth for the year

Sage reports channel growth for the year

Sage has reported solid growth for the year ended 30 September, 2022.

Organic recurring revenue increased by 9% to £1.824 billion, underpinned by Sage Business Cloud growth of 24% to £1.261 billion.

Organic total revenue grew by 6% to £1.924 billion. Organic operating profit rose 8% to £383m, with margins increasing to 19.9% (FY21: 19.5%), “driven by operating efficiencies as we scale the group”, said the SMB- and channel-focused financial software firm.

EBITDA increased by 3% to £468m, but with margins decreasing slightly to 24% (FY21: 24.2%), mainly due to the impact of disposals.

The statutory operating profit decreased by 2% to £367m, due to a change in recurring and non-recurring items, said Sage, including higher net gains in the prior year from disposals.

The underlying basic EPS was up by 8%, “reflecting higher underlying profit and the recent £600m share buyback”.

The final dividend was up 4% to 12.1p, taking the full year dividend to 18.4p.