The Channel logo
The Channel uses cookies. Find out more.

News

By | John Oates 14th April 2008 08:50

Sage update fails to convince the markets

Punished by rumour

Sponsored: Creating the Storage Advantage

UK accountancy software firm Sage has failed to convince the stock markets that all is well despite issuing a statement saying that it expects results for the half year ended 31 March 2008 to be in line with expectations.

Sage shares are down three per cent at the time of writing in a market which is down one per cent. It is not clear what is causing the bad feeling, but rival companies like Intuit have lowered their expectations. Analysts were predicting profit of £266m for 2008.

The company predicted a decent 2008 and expected to see the benefits of changes to its US business - a new president and CEO were appointed in March.

Chief executive Paul Walker said in November 2007: "While we recognise the current uncertainties in the macro-economic situation, the defensive characteristics of our business model lead us to view 2008 with confidence."

Sage will announce its results on 8 May 2008. ®

Sponsored: Creating the Storage Advantage

comment icon Read 3 comments on this article alert Send corrections

Opinion

Chris Mellor

VC sequence could end not with a bang, but a whimper
Sad man stares glumly over boxed contents of desk. Image via shutterstock (Baranq)

Chris Mellor

All that is storage does not beget gold
Lost

Features

Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini
You see a diversity tickbox nightmare, I see human beings
hands waving dollar bills in the air
AWS and Salesforce match up to Ellison's hardware