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28 Jul 2010
Accountancy software giant Sage announced a drop in net debt and improved growth trends in its latest interim management statement released this morning.
Net debt fell to £280m at 30 June from £305m at 31 March. The results are consistent with management expectations announced at the interim results on 5 May 2010.
Paul Walker, Sage's outgoing CEO, said the economic environment continues to be uncertain and the business was managing its "cost base prudently, whilst investing to enhance our competitive position".
He added that the company's growth internationally would position it well for the future.
Analysts expect the firm to report pre-tax profits of £332.6m for the year, up from £307.5m the previous year, Reuters reports.
In May this year, Sage announced in its H1 results that its Practice Solutions product, aimed at UK accountants, grew 7% compared to the same period a year ago. It also announced that operating profit had grown 3% to £44.9m compared to the same period last year.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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