Sage delivers profit in line with expectations

Accountancy software provider Sage said there was still strong demand for its products as it delivered a first half profit result in line with expectations.

Revenue for the six months rose 17% to £748.4m, helped by the falling value of sterling.

Pretax profit rose 14% to £139.2m, slightly short of an analyst forecast of £145m.

The company, which has five million small to medium-sized company customers, said it expected economic conditions to remain tough for the remainder of the financial year but that it would be well-placed to benefit when markets recover.