Sage climbs on quarterly update

Shares in FTSE 100 enterprise software firm Sage (LON:SGE) climbed 4.90% to 770p (as of 12:45 GMT) after it said that revenues for the quarter ended 31st December were up by 6.7%. Recurring revenues in North America and Northern Europe drove the improvement as momentum from the prior period carried over.

CFO Jonathan Howell commented: “Sage had a strong first quarter as expected. We have sustained last year’s growth momentum into the first quarter of FY20, as we continue to focus on driving recurring revenue through the transition to cloud-based subscription services, in line with our vision to become a great SaaS company. Looking ahead, we reiterate our guidance for the full year, as outlined in the FY19 results announcement“.