Sage trading in line despite wobbly economy


Sage trading in line despite wobbly economy

Microscope contributor

Sage has reported that trading is in line with expectations despite continuing uncertainty in the macro economy.

The UK flagship software firm provided little colour in this morning's third quarter interim management statement, just days ahead of its expected bid for Italian software maker TeamSystem.

The improved trading performance Sage reported at the half year point had "continued" said outgoing CEO Paul Walker, who will be replaced by Guy Berruyer, currently boss of Sage's mainland Europe and Asia operations.

"However, the economic environment remains uncertain and we continue to manage our cost base prudently, while investing to enhance our competitive position," he said.

Net debt fell 8.2% to £280m from 31 March to the end of June with £200m of the debt raised in the private placement market with it due to mature from 2015 to 2017.

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