Sage reduces debt by £39m in three months
Interim management statement from FTSE 100 business reveals a fall in net debt
SOFTWARE GIANT Sage has reduced its net debt by £39m in three months, according to its interim management statement.
The FTSE 100 company’s net debt fell to £67m at 30 June, from £106m at 31 March.
Guy Berryuer, (pictured) CEO of Sage, said: “We are focussed on capitalising upon the many opportunities that we have in our markets, whilst managing our cost base carefully.
“With our market leading products and services, large international customer base and strong balance sheet, Sage is well positioned for future growth.”The FTSE 100 business was previously criticised for failing to have the new technology ready before HMRC’s deadline for implementation earlier this year.
Earlier this year the FTSE 100 business came under criticism for failing to produce new tax technology before a HMRC set deadline in April.
Weeks after announcing it would use software from rivals Thomson Reuters to ensure customers made the deadline, Sage unveiled its own product.