Sage Reports 2010 Earnings Are On Track

Accountancy software provider Sage Group expects financial results for the complete year to be in line with market expectations, news agency Reuters has reported.

The UK-based company, which provides software to more than six million small and medium-sized enterprises, has said it's happy with its Q3 results and expects growth to continue throughout the year.

Sage Group CEO Paul Walker said that the company's good performance this year is due to increased demand for its business management software and customer support.

He said: “However, the economic environment remains uncertain and we continue to manage our cost base prudently, whilst investing to enhance our competitive position."

Sage has reported strong cash generation, as the company's net debt fell to £280 million as of 30 June, down from £305 million on 31 March.

Walker is due to be replaced by Guy Burruyer, current chief of mainland Europe and Asia operations, when Walker retires from his duties after 26 years of association with the company.