UK-based accounting software vendor Sage saw revenues grow by 17% to £748.4 million in the last half of the financial year, thanks mainly to the falling value of the pound.
If the company’s financial figures are corrected for currency fluctuations, revenues actually fell by 3% compared with the same period last year. Profit was also down 3% in the currency-corrected figures, to £159.3 million.
It was not that Sage’s overseas business fared all that well. North American revenues fell 10% to £303.4 million, while mainland European revenue nudged up 2% to £275.4 million.
But with around 83% of its revenues coming from abroad, Sage’s numbers look good when the pound falls. In October 2008, when Sage’s financial half-year began, the pound was at a five-year low against the dollar.