SOFTWARE firm has hailed the impact of a root and branch review after fresh industry demand pushed finances higher.

Sage Group says it is reaping the rewards of a multi-year programme to reinvigorate the Newcastle-based operator on the international stage.

Bosses say it is now primed to play a greater role in the global financial sector after higher subscription numbers bumped up revenues and profits, and have refused to rule out moves for fellow market operators to further its expansion.

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The company allows small and medium-sized firms to control their finances through a variety of platforms, including the Sage One marque that helps operators look after accounts and payrolls, and Sage X3, which is known for supporting firms’ financial and production management.

Stephen Kelly, chief executive, said the business’ in-depth restructure, which found Sage had been “too slow to innovate and was missing the leadership to grow in the long-term”, is ready to further its marketplace standing as more companies monitor their books through computerised methods.

Speaking yesterday, as he revealed statutory revenues in the year to September 30 increased 19.2 per cent to £1.7bn, with pre-tax profit 41.3 per cent better off at £342m, Mr Kelly said: “We now have the leadership and solutions to accelerate momentum in our markets.

“The focus (in previous year) was on restructuring and we will look to continue to invest and accelerate the execution of this strategy with acquisitions of complementary technology and partnerships.”

Mr Kelly added Sage saw UK and Ireland revenues grow seven per cent in the year, with seven Sage X3 deals worth more than £100,000 in the period.