Accountancy software group Sage received a shares boost today after forecasting half-year profits would be in line with hopes.
The Newcastle-based company said pre-tax profits in the year to March 31st were likely to be around £74 million sterling, up 14 per cent on a year earlier.
That encouraged the City as the London market's only remaining blue-chip technology stock gained more than 3 per cent to 125p.
Sage, which supplies business management software and related products, said revenues in its UK business had grown 5 per cent on the back of a strong performance from its business serving small and medium sized enterprises.
Operating margins from the UK were also higher, lifting to 40 per cent from the 36 per cent seen a year earlier.
Across the group, revenues are likely to be around £282 million, also in line with market expectations. That represents growth of 4 per cent.
Sage, which joined the FTSE 100 Index in 1999, employs 4,000 people worldwide, including around 1,400 people in the UK.
It added today that Mr Graham Wylie, one of the company's founders and managing director of its UK operation, planned to retire from his current role at the end of next month after 22 years with the company.
PA