Sage Group plc, the Newcastle-based FTSE 100 global software business, said its revenue grew 9% to £1.737 billion in the nine months ended June 30, 2024.

Sage provides accounting, financial, HR and payroll technology for small and mid-sized businesses around the world.

“Regionally, revenue in North America increased by 12% to £786m, with a good performance from Sage Intacct together with continuing growth in Sage 50 cloud and Sage 200 cloud,” said Sage.

“In the UKIA region, revenue grew by 8% to £497m, driven by Sage Intacct together with cloud solutions for small businesses (including Sage Accounting and Sage Payroll), alongside further growth in Sage 50 cloud and Sage 200 cloud.

“In Europe, revenue increased by 6% to £454m, with a strong performance across our accounting, HR and payroll solutions.

“Sage Business Cloud revenue increased by 16% to £1,387m, driven by growth in cloud native revenue of 23% to £539m (Q3 23 YTD: £437m) primarily through new customer acquisition, and by growth in cloud connected revenue from both existing and new customers.

“Recurring revenue increased by 10% to £1,680m (Q3 23 YTD: £1,522m), with software subscription revenue growth of 13% to £1,419m (Q3 23 YTD: £1,254m) resulting in subscription penetration of 82% (Q3 23 YTD: 79%). 

“In the third quarter, total revenue increased by 9% to £585m (Q3 23: £537m), driven by continued growth across the Sage Business Cloud portfolio.”