- Sofware company Sage said its revenue in the first quarter had risen 6.7%, driven by growth in subscriptions.

Organic total revenue for the three months through December climbed to £465m, up from £435m on-year, the company said.

Recurring revenue rose 10.7% to £410m, underpinned by software subscription growth of 24.8% to £286m.

'Sage had a strong first quarter as expected,' chief financial officer Jonathan Howell said.

'We have sustained last year's growth momentum into the first quarter of the 2020 financial year, as we continue to focus on driving recurring revenue through the transition to cloud-based subscription services, in line with our vision to become a great SaaS company.'

'Looking ahead, we reiterate our guidance for the full year, as outlined in the 2019 financial year results announcement.'

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