Broker snap: No surprises at Sage

2nd Dec 2009 13:12

Panmure Gordon, a long time fan of Sage, has retained its 'buy' rating on the software firm after final results that were as boringly predictable as one might expect from a company that serves the accountancy trade.The broker notes that the debt situation and US growth were both 'a bit better' than expected, but otherwise 'Sage is performing in line - this is a company that you could set your watch by.'Analysing the 'directorspeak', the broker said Sage has not yet called the recovery in the market but 'pleasingly does not describe the market as challenging.'Panmure Gordon is expecting Sage to return to the mergers and acquisitions arena next year which should lead to a boost in non-organic revenue growth.'At each turn we are impressed by Sage's new avenues and the consistent moves to increase customer wallet share, as its builds a suite of business software around its customers,' the broker concludes.