‘We expect the economic threat in the US combined with uncertainty over the group’s strategic position to lead to continued weakness in the share price’ said analyst Warren Howlett.
Although ABN Amro maintained its sales forecasts for Sage, it lowered its recommendation from ‘add’ to ‘hold.’
The downgrade came after US competitor Inuit issued a profit warning due to the ‘difficult economic environment’ coupled with its free distribution of QuickBooks software, which is the main competitor to Sage’s Peachtree subsidiary in the US.
The situation caused Sage’s biggest rival to lower its sales estimates by $2m. Rival Oracle, also worsened its fourth quarter outlook, blaming the downturn in the US economy.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast