UK accounting software specialist Sage has posted decent profits for the six months ended 31 March 2004.

Interim profits before tax grew 17 per cent to £87m and turnover hit £332m, growth of 23 per cent. Sage shares rose slightly on the news. UK turnover was up seven per cent to £91m and mainland Europe contributed £89m, 23 per cent up on last time.

The company has changed the way it presents its accounts because of acquisitions made through the year. A new unit, called "rest of world", will include South African company Softline, bought in August 2003 and Asian-Pacific interests of US company ACCPAC, picked up in December. Sage also bought Spanish company Grupo SP in October 2003 - this contributed revenue of £12m.

The accounts summary is here. ®

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