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Markets News

UK software company Sage's profit dips after cloud investment

LONDON, Nov 20 (Reuters) - British software company Sage reported a 3.7% drop in full-year organic operating profit to 391 million pounds ($519 million) on Friday, reflecting investment in cloud services and a 17 million pound bad debt provision for COVID.

Statutory revenue for the year to Sept. 30 fell 1.7% to 1.90 billion pounds, broadly in line with market expectations. ($1 = 0.7531 pounds) (Reporting by Paul Sandle; Editing by Kate Holton)

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