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From the CEO and CFO

A 2017 message from Stephen Kelly and Steve Hare

View & download the annual report

We deliver solutions for start-ups through to enterprise, across the Golden Triangle...

The golden triangle

Accounting icon


Sage Accounting
Sage Financials
Sage Enterprise Management

Sage 50c
Sage 100c

Payments and banking icon

Payments and Banking

Sage Pay
Sage Payments

People and payroll icon

People and Payroll

Sage People
Sage Payroll

...with a global reach

We serve 3 million customers in 23 countries, with the top 9 countries providing 95% of our revenue.

Global reach pie chart

Northern Europe

In the UK, over 50% of businesses pay their employees using Sage solutions.

Central & Southern Europe

In Spain, over 50% of taxes are paid through Sage solutions.

North America

In the US, 70% of buyers are looking to purchase cloud solutions.


In the International region, 56% of revenue is on subscription.

We've transformed our business...

We've impoved the margin profile through extensive cost savings...

Cost savings graph

...moved to a subscription-based business model...

Subscription graph

...acquired new customers at scale...

New customer acquisition graph

...and maintained focus on our existing customer base.

Existing customer graph

...whilst delivering a compelling investment case

Higher quality revenue

  • 78% of organic revenue is recurring
  • 37% of organic revenue is from subscription contracts
  • 9.0% growth in organic recurring revenue
  • 6.6% organic revenue growth
  • 86% renewal rates

Superior operating margin

  • £59m annualised cost savings
  • G&A expense as a percentage of revenue reduced by £360 bps to 13.8%

Strong cash flow

  • Underlying cash conversion of 95%
  • Free cash conversion of revenue of 15%

Progressive dividend

  • We remain one of the very few FTSE 100 businesses that have delivered an increased ordinary dividend every year since 1999

The opportunity to accelerate...

Icon adressable market

Operating in 23 countries, providing solutions for start-ups through to enterprise, gives us access to a huge total addressable market worth $27 billion made up of 82 million businesses.

Our total addressable market

Icon cloud acceleration

By 2020 over 50% of market spend in the scale-up sector will be on financial software in the cloud.

The cloud and acceleration in the market

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We provide our customers with the awesome technology that they deserve. Our solutions use artificial intelligence to increase automation and enable invisible administration.


Icon fragmented market

Our markets remain incredibly fragmented. We believe the emergence of the cloud provides an opportunity for the market to consolidate and Sage to emerge as the global market leader.

Fragmented market

...begins with Sage Business Cloud

Sage Business Cloud


The one and only cloud business management platform companies will ever need throughout their business journey.
Sage Business Cloud gives our customers a single portal and unified user experience across our products. Our customers no longer need to select a specific Sage product; instead we can offer a tailor-made solution, custom fit to their requirements across the Golden Triangle, supported by a thriving ecosystem and marketplace.

Our strategy

Providing exceptional experiences

Helping our customers be more successful through a deeper, enduring relationship with Sage.

This involves providing choice, indispensable advice and the right product for the customer – however they want to deploy their solution.

See how we are helping Black Mermaid as the business grows from Start-up to Scale-up...

Working collaboratively

Our people and our culture; working collaboratively with pace and agility, ensuring that we integrate our acquired businesses thoroughly.

Operating as a truly unified organisation that provides exceptional experiences for our customers.

See how we are helping Bristol Sport to instill pride, focus, and a sense of unity in its people...

Growing our market share

Outpacing the competition to gain market share and achieve our ambition to be the leader in our chosen markets.

Providing the very best cloud technology will unlock huge opportunities for growth.

See how our cloud technology is helping Percentil expand its global reach...

Increasing efficiencies

Financial discipline and efficient capital allocation are integral to Sage’s strategy to ensure on-going cost savings generate superior operating margins as the business scales.

See how we are helping Cocofina achieve its own growth ambitions...

Simplifying customers’ lives

Innovation and exciting technology are at the heart of Sage’s strategy.

We deliver the latest solutions supported by our ecosystem of partners and third party applications to our nations of Business Builders, giving them the technology they deserve so they can focus on doing what they love.

See how we are helping Drees charge down a path of innovation as the business grows...

Notice of AGM 2018

The thirtieth Annual General Meeting of The Sage Group plc will be held at 10:30am on Wednesday 28th February 2018 at North Park, Newcastle upon Tyne.

Download the AGM notice