Economic woes flatten Europe at Sage

Sage has updated the market in an interim management statement revealing that growth in the UK remains strong but things are much tougher on the other side of the channel

Sage has talked of toughening market conditions in mainland Europe but indicated that the UK is holding up despite the ongoing economic fragility.

The software vendor issued an interim management statement this morning covering the period from 1 April to now outlining the current state of play.

While the UK appears to be providing good growth the markets in mainland Europe have toughened causing overall performance across the region to be flat and anticipated growth hasn't yet materialised.

Outside of the EU and things were slightly brighter with the firm's expansion into Africa delivering results along with a decent performance from Australia.

"Whilst we remain cautious on the outlook for Europe, and watchful of this region’s economic climate, the strong fundamentals of our business model remain and we continue to make good progress in executing against our business priorities," said Guy Berruyer, chief executive at Sage.

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