LONDON (Reuters) – British software company Sage reported a better-than-expected 4.4% rise in organic recurring revenue in the six months to end-March and said it now expected growth for the year to be towards the top end of its 3% to 5% range.
The company, which provides software to small and medium sized businesses, said on Friday organic recurring revenue increased to 811 million pounds ($1.14 billion), offset by a 21% decrease in other revenue to 79 million pounds.
Its organic margin decreased to 20.2% from 23.2% in the same period a year ago, it said, reflecting increased investment in cloud services.
($1 = 0.7121 pounds)
(Reporting by Paul Sandle; editing by Costas Pitas)