There’s no change at Sage according to its interim management statement for the nine months ending 30 June 2011, with performance in line with the expectations it set at the time of its interim results in May (see Sage’s US healthcare business still a concern) and full year figures expected to hit their targets. All regions are performing as expected.
Careful husbandry is generating cash though and net debt fell to £67m as of 30 June, compared to £106m on 31 March. That factor, combined with chief executive Guy Berryuer’s statement that “we are focussed on capitalising upon the many opportunities that we have in our markets,” makes us wonder whether Sage is preparing for a new round of acquisitions. According to the acquisitions table on its corporate web site its last acquisition was in 2010 when it purchased South African payment processing provider Netcash.