BusinessCompany NewsSage debt reduced by £25m in three months

Sage debt reduced by £25m in three months

FTSE 100 financial software company Sage says its debt has dropped by £25m in the last three months

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.

Further reading:

Guy
Berruyer takes CEO role at Sage

Sage
profits up

Intuit
problems sees rival Sage’s shares increase

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