The PayGroup (ASX:PYG) share price surged up 13% today. Here’s why.

PayGroup Ltd (ASX: PYG) provided a sales update for the FY21 to the market today, sending the share price higher. The PayGroup share price closed the day up 13.45% at 67.5 cents.

The human capital management (HCM) solutions provider noted some record numbers for the business for FY21. Let’s take a look at them.

What’s driving the PayGroup share price up?

Sales growth

For the 9 months to 31 December 2020, PayGroup experienced significant sales growth. More specifically, the company reported signing a total contract value (TCV) of $8.2 million for FY21 period to date.

This indicates a 200% increase in TCV compared to the prior corresponding period. Similarly, this represents an increase of 149% on FY20 total combined…