0818 GMT - Although software company Sage Group slightly nudged down its organic revenue growth outlook for fiscal 2024, its organic revenue growth prospects remain promising and will likely remain resilient despite macroeconomic headwinds, Shore Capital says in a note. With cloud migration continuing, analysts anticipate underlying total revenue growth performance slightly above consensus, as well as a slightly-raised EBIT margin of 21.5% for FY 2024. The shrinking base of Microsoft's server reporting services (SSRS) is also expected to have less of a drag on revenue. Still getting revenue and growth above the 10% level expected by the market will be a bigger challenge than going from 3% organic revenue growth in FY 2021 to 10% in FY 2023, Shore says. Shares are down 9.5% at 1,084 pence. (anthony.orunagoriainoff@dowjones.com)
(END) Dow Jones Newswires
May 16, 2024 04:18 ET (08:18 GMT)
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