Sage trading shows signs of recovery

SAGE’S MAIN BUSINESS MARKET is starting to recover, according to the accountancy software giant’s interim management statement.

The FTSE 100 business said trading improved last year and the first quarter of its financial year.

Sage reduced net debt to £187m by 31 December last year, from £219.8m at 30 September 2010. The business remains within banking covenants.

Guy Berruyer, Sage CEO, said: “Our principal markets continued their gradual recovery in the quarter, and I am pleased that our results were in line with our expectations.

“Together with our strong business model and geographically diverse customer base ensures we are well positioned to capitalise on the many growth opportunities we have within the business.”

Accountancy Age recently revealed Sage is delaying the release of its upgrade, which includes a tax technology required for all corporation tax submissions – iXBRL.

However, it released its first online product for accountants, SageOne, earlier this month.