Sage profit up, expects to weather tough times
Published Date:
03 December 2008
Software firm Sage Group Plc reported a 3 per cent increase in adjusted pretax on Wednesday, slightly below expectations, but said its market position would allow it to weather difficult economic times.
Sage, which sells business management software to small and medium-sized companies, posted a 7 percent rise in sales to £1.29 billion for the year to end-September, in line with forecasts.
Adjusted pretax profit was £273.4 million versus the £279.7 million expected by analysts according to Reuters estimates and the £277 million consensus forecast provided by Sage.
The Newcastle-based company said growth in subscription revenue had continued to offset weakness in software revenue following the start of the new financial year.
"Although we remain cautious in our outlook, we expect demand for our customer support to continue, which combined with tight cost control and our strong geographic market positions, will allow us to weather these turbulent times," the company said.
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Last Updated:
03 December 2008 8:10 AM
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Location:
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