Shares in FTSE 100 enterprise software firm Sage Group (LON:SGE) fell 13.24% to 589.80p (as of 11:20 GMT) after it reported a 6.7% drop in underlying operating profits for the year ended 30th September. Organic revenues improved by 3.7%, but declined in statutory terms.
CEO Steve Hare commented: “We’ve delivered a strong performance in FY20, achieving recurring revenue growth in line with the guidance we gave at the beginning of the year, despite the COVID-19 pandemic. I would like to thank all of our colleagues and partners for their continuing commitment to our customers, communities and each other during this period. We’ve also made good strategic progress, delivering against our customer, colleague and innovation commitments. While the near term remains uncertain, these foundations position us well to support customers as they adopt digital business models, and I am confident that our additional investment in Sage Business Cloud, and in particular cloud native solutions, will deliver stronger growth and drive the future success of the Group.“