Sage on track to meet forecasts

Sage Group, the accountancy software expert, says it traded in-line with expectations for the nine months to 30 June and that it is confident of meeting management’s full year targets. The group says its cash generation remains strong and net debt fell to £67m at 30 June versus £106m net debt at the end of March this year. Underlying profit before tax in the half-year ended 31 March rose four per cent to £183.5m from £176m on sales up three per cent to £742.7m. The firm’s earnings per share jumped four per cent to 9.87p.