The chief executive of UK software player Sage has announced he is to retire in the next year after 17 years with the firm, as the company he helms revealed promising first-half results.
Frenchman Guy Berruyer has worked for the Geordie vendor since 1997 and has held the top job for almost four years. He announced today his intention to retire sometime before 31 March next year, and the Sage board has commenced the process of choosing his successor. Berruyer said he had relished the CEO role, and claimed he leaves the company in good shape.
"But life is about making choices, and at 63 years old I still have many things I want to achieve besides my executive career," he said. "As Sage progresses successfully towards our strategic milestones for 2015, I have decided that the time is right to begin to hand over the reins to a new chief executive."
The ERP firm also released results for its financial first half, covering the six months to the end of March. Although the revenue figure of £657m represents a seven per cent year-on-year drop, the company claimed the figure is up 4.9 per cent on an organic basis.
Organic operating profit rose 8.9 per cent to £165m, equating to a rise in margins of 100 basis points, from 26.4 to 27.4 per cent. Reported operating income of £174m compares even more favourably to the corresponding period last year, in which the firm posted an operating loss of £1m.
Berruyer asserted his confidence that Sage could replicate its success in the second half and achieve its full-year target of six per cent organic top-line growth.
"This is a good set of results, with the increase in organic recurring revenue growth demonstrating that the strategy is working well," he said. "Sage is changing, with greater focus, investment in technology to address customer needs and the move to subscription all delivering results."
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