Sage Pay revenue up 7% but cross-selling “below expectations.”

Sage reported its annual results today for year to September 2014. Sage doesn’t break out the financial reporting of  its European payments business (Sage Pay) but there were a couple of interesting comments provided.

Revenue was up a respectable 7%. This was sharply lower than the 25% increase seen in 12/13 but that was “primarily due to a price increase.” Sage state that the “payments landscape in the UK is highly competitive and this has impacted the rate of new customer acquisition.”

Sage say that cross-selling payments into the accounting customer base is a priority but has been running “below expectation”. However, it still reported 14% growth to 15.800 in customers taking “integrated payments.” This is defined as those taking a “Sage core accounting system, a Sage payments solution, and the integration of the two is provided or owned by Sage.”

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