TechnologyAccounting SoftwareSage cautious on European outlook

Sage cautious on European outlook

Sage says Europe growth was flat, and improved growth for the first half of the year failed to materialise

Sage cautious on European outlook

SOFTWARE GIANT SAGE has said it is cautious on the outlook of Europe in the future, according to an interim management statement.

The FTSE 100-listed financial technology company said that mainland Europe remained flat and anticipated improvement in growth for the first half of the year “has not yet materialised”.

Sage CEO Guy Berruyer (pictured) said: “While we remain cautious on the outlook for Europe, and watchful of this region’s economic climate, the strong fundamentals of our business model remain and we continue to make good progress in executing against our business priorities.

“We look forward to tomorrow’s investor day where we will be sharing our plans for the future growth of the business.”

However, the UK and Ireland business demonstrated good growth and North America showed quarter-on-quarter increases.

Net debt at the company fell to £121.7m from £122.1m at 31 March 2012. The company has also seen £200m of proceeds from the disposal of Sage Software Healthcare to Vista Equity Partners, with 71 million shares repurchased.

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