BUSINESS software provider Sage reported a satisfactory trading performance for the start of the year and is in-line with expectations for the year.
The company said that it received £200m in the fourth quarter of 2011 from the proceeds of the disposal of Sage Software Healthcare to Vista Equity Partners, the company announced in an interim management statement.
A share buyback programme was started to return these proceeds and, to date, 17.7m shares have been repurchased for an aggregate consideration of £50m.
“In the context of a macro-economic environment which remains challenging for our customers, we have made a satisfactory start to the year and trading is in-line with expectations for the year,” said Guy Berruyer, chief executive of Sage.
“We are confident that the business priorities will bear fruit as the year progresses but we remain watchful of the European environment in particular,” he added.