Business software provider Sage has boosted its recurring revenue to £517m in the last quarter of 2022.
The 12% surge in revenue means the Newcastle-based software firm is on track to meet its revenue growth forecast for 2023.
Two areas in particular that helped Sage grow its revenue are cloud sales, which rose by 31%, and its software subscription sales, which rose by 18%.
“Sage has made a strong start to the year, in line with our expectations, as Sage Business Cloud solutions help more customers improve their productivity and resilience,” said Jonathan Howell, CFO of Sage.
“While we are mindful of the current macroeconomic environment, we remain confident in our strategy for delivering efficient growth and we reiterate our guidance for the full year, as set out in our full year 2022 results announcement.”
It reported growth of £1.2bn in its financial report for the year ended September, posted in November.
The company said in November that it expected revenue to be greater than the year prior and continue to grow beyond the 2023 financial year.
In December 2021, Sage acquired the Bristol-based retail software firm Brightpearl for £225m, gaining the company’s software as a service (SaaS) operating system.