Newspaper article The Journal (Newcastle, England)

Sage Results in Line with Forecasts; Stocks and Shares

Newspaper article The Journal (Newcastle, England)

Sage Results in Line with Forecasts; Stocks and Shares

Article excerpt

THE FTSE 100 index was again in buoyant mood driven by strong performances from the oil and gas and mining sectors. It closed up 91.5 at 6724.5, the highest level since June of this year.

In the regional portfolio the most significant news was the trading update announced by Sage, for which Brewin Dolphin acts as joint broker. The Newcastle-based software firm confirmed that it expects results for the year ended September 30, to be in line with expectations. Full year revenue is expected to rise 24% to pounds 1.158bn while the company expects organic revenue growth for the year to be approximately 7%. Sage also took the opportunity to announce a shake up of its North American business which currently contributes more than 40% of group revenues.

Performance in the North American market had been slightly disappointing in recent quarters which has prompted the board to make management changes with chief executive, Ron Verni and chief financial officer for the region, Jim Eckstaedt leaving the company with immediate effect. …

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