- Business software group Sage reported a 7% fall in annual profit owing to increased investment spending and lower sales.

Pre-tax profit for the year through September slipped to £347 million, down from £373 million year-on-year, as revenue fell 3% to £1.85 billion, though 'organic' revenue rose 3%.

Sage declared a full-year dividend of 17.68p per share, up 2.5% year-on-year.

Looking forward, the company forecast organic revenue growth in the current financial year of 8-9%.

'Sage delivered a strong performance in its 2021 financial year,' chief executive Steve Hare said.

'We achieved recurring revenue growth ahead of our initial expectations and ended the year with real momentum, supported by our strategic investment in sales, marketing and innovation.'

"Having reshaped and invested significantly in the group over the last three years, we are now focused on growing the business in absolute terms, both organically and through acquisitions.'

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