November 21, 2018 / 7:24 AM / a month ago

Sage results in line, warns organic revenue growth could slow in short term

LONDON, Nov 21 (Reuters) - British software provider Sage posted annual organic revenue growth of 6.8 percent, broadly in line with a downgraded target, but said growth could slow in the short term as it accelerates a plan towards subscription services.

The accounting, payroll and human-resources company whose software is used by millions of small businesses worldwide reported organic revenue of 1.819 billion pounds ($2.33 billion) and adjusted earnings per share which were 14 percent higher at 32.5 pence.

Organic revenue growth of 6.8 percent compared to a forecast for it to grow 7 percent, and organic operating profit margin came in at 27.8 percent, higher than the 27.5 percent forecast.

Sage, like its competitors, has been seeking to migrate to cloud-based subscription services from packaged software, like most of its competitors. ($1 = 0.7813 pounds) (Reporting by Sarah Young, Editing by Paul Sandle)

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