SOFTWARE giant Sage Group yesterday said revenues had jumped to £1.3bn as firms continue to plough cash into digital transformation projects sparked by the pandemic.

In a trading update on the nine months to June, Sage said revenues were up nine per cent to £1.3bn thanks to firms snapping up its cloud-based software.

Bosses said revenues were now set to hit the top end of its guidance range of eight to nine per cent for the full year despite the pressures of a looming cost of living crunch.

"Sage has performed strongly in the first nine months of the year, with momentum continuing to build, as more businesses choose Sage Business Cloud solutions to support their digital transformation," said Jonathan Howell, Sage's chief financial officer.

The results come after revenues rose by 10 per cent to £464m in the third quarter, with revenues in Sage

Business Cloud jumping 20 per cent to £886m.

The growth comes thanks to the pandemic sparking a surge of investment into digital transformation projects and software, with remote working necessitating digital upgrades.

In 2017, the global cloud storage market was worth around $30bn (£24.6bn) before rising to more than $61bn in 2020 when the Covid-19 pandemic hit, according to Fortune Business Insights.

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