The price of shares in FTSE 100 enterprise software firm Sage Group (LON:SGE) climbed by 4.13% to 736.20p (as of 10:35 BST) after it reported a 4.1% rise in total organic revenues for the nine months to 30th June. This growth was largely fuelled by an improvement in software subscriptions. Performance in the third quarter was resilient despite COVID, but management remains cautious about the remainder of the year given macroeconomic uncertainties and the risks to small and medium businesses.
CEO Jonathan Howell commented: “Sage has achieved good results in the first nine months, continuing to deliver against our strategy, in line with our vision to become a great SaaS company. Despite the disruption caused by COVID-19, our colleagues have performed exceptionally, providing strong support both to each other and to our customers. We are confident that our sustained investment in Sage Business Cloud throughout the economic cycle will form a strong base for the long-term success of Sage“.