Software company Sage's profit dips after cloud investment

© Reuters. FILE PHOTO: Oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port

LONDON (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.

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