Sage still waiting for market recovery

26th Jan 2010 07:18

Business management software provider Sage Group said it has seen no sign of a market recovery yet as it posted an in-line trading update.‘Our proven business model and the loyalty of our large, geographically diverse, customer base give us confidence that we are well positioned for these conditions and the eventual market recovery,’ said chief executive Paul Walker.The company said performance in all regions had been consistent with management expectations in the final quarter of 2009, with a rise in subscription revenues once again offsetting subdued markets for software and software related services.Net debt at the end of the year was down to £392m from £439m at the end of September, as the company continued to generate cash.The group said it remains ‘comfortably within its banking covenants’ and has committed financing facilities in place until 2011.