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Software firm's revenue target
Updated 11:45am Wednesday 23rd July 2014 in Business
DRIVING FORWARD: Marussia's Max Chilton races at the 2014 British Grand Prix at Silverstone. His team has worked with Sage Group
A SOFTWARE firm says it remains on track to hit revenue targets as subscribers continue to sign up to its products.
Sage Group, in Newcastle, revealed organic revenue increased 4.7 per cent in the first nine months of the year, and grew 4.3 per cent in the third quarter from April 1.
Bosses, who employ more than 1,000 North-East workers, expect the figure to rise to six per cent by 2015.
They said its strong performance was helped by subscriptions to services, which include accountancy and payroll software, with revenues in the division increasing 24.5 per cent in the third quarter.
The company serves more than six million firms worldwide, offering management software and services.
It has also worked with Formula One team Marussia, providing software for engineers to monitor thousands of car parts, and operates Sage One, an online accounting platform, from the region.
Retiring chief executive Guy Berruyer, who expects to step down from his role by March next year, said its performance was solid.
Earlier this year, he told The Northern Echo how its subscriptions work was strong.
He added: “Our success is based on a number of things.
“We are developing new technology, some of it here in Newcastle, but we are also working with existing customers on subscriptions.
“These give them a lifetime value and a much simpler way of operating.
“They have everything they need from us and get the support they need, which helps to create a closer relationship.”
Earlier this week, Sage acquired German firm Exact Software Deutschland to strengthen its payroll business in Germany.